TaxAdministrationEU backs Italian oil industry windfall tax proposal

EU backs Italian oil industry windfall tax proposal

An Italian proposal to hit oil companies with a windfall tax is gaining EU support

Several countries are willing to consider an Italian proposal of hitting oil
companies with a windfall tax, following growing calls for government action
amid soaring oil and food prices.

Giulio Tremonti, Italy’s newly installed economy minister, suggested at a
meeting with his EU counterparts in Luxembourg the idea of a so-called ‘Robin
Hood’ tax which could be applied to oil companies and used to help those hit
hardest, according to
Agence
France-Presse
.

‘Given the dramatic needs of the lowest social levels, for us this kind of
tax makes sense,’ Tremonti told reporters.

Christine Lagarde, French finance minister, said at the meeing: ‘It’s
certainly an intelligent proposal but the impact and its application have to be
measured, not only in terms of record profits but also in terms of (the impact
on) investment,’ she said.

Further reading:

Union urges PM to impose windfall tax on oil companies

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

1d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

2w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter