Barthelemy Philippe
This Saturday, December 31 marks the start of the taxation of the energy giants’ superprofits. Adopted at the end of September by the Member States of the EU, this device might allow Brussels to recover 25 billion euros which will then be redistributed to the most modest households.
Their profits have exploded under the effect of soaring energy prices, linked to the war in Ukraine. The energy giants will be imposed as of this Saturday a tax on their superprofits, adopted at the end of September by the Member States of the European Union. Officially called the temporary solidarity contribution, this tax targets producers and distributors of oil, gas and coal.
A profit of 20 billion euros for ExxonMobil
The system authorizes the EU to deduct 33% of the taxable profits of these multinationals in 2022. With this temporary contribution, Brussels intends to recover 25 billion euros. The funds will be redistributed to households and businesses in member states, which are suffering from rising bills. Quite naturally, the companies concerned grumble in the face of this taxation. Like the American tanker ExxonMobil, which posted a record profit of 20 billion euros in the third quarter of 2022.
The company has just seized the Court of Justice of the European Union, to challenge the procedure for adopting the tax. The 27 have resorted to an emergency text, which allows States to adopt a provision without going through the European Parliament. ExxonMobil denounces a counter-productive tax, which will undermine investor confidence. At the beginning of December, the financial director estimated its cost for the group at more than 2 billion euros.