The British proposal includes allowances for investment. 

In Europe, this tax is applied by governments of all parties, from the UK to Italy through Greece, Hungary and Romania. The UK has proposed adding 25% to corporate tax. It would go from 40% today to 65% for three years. 

Likewise, this measure is similar to the one proposed by the Spanish Finance Minister. It also applies to profits and not to income. In the United Kingdom it is the oil and gas companies that will have to pay, while in Spain, Italy and Romania they will be the generators of electricity. The UK’s plan is to raise £5.000 million in the first 12 months to finance public spending of £15.000 million.

On the other hand, the Italian Government has approved an extraordinary and one-off tax of 25% on electricity profits. As in the UK, the aim is to raise some €6.000 million to contribute to a €14.000 million package to help consumers cope with energy costs. 

In addition, the Greek Government has estimated these extraordinary profits at EUR 590 million. Romania has already imposed an 80% tax on the extraordinary revenues of electricity companies. Hungary has imposed taxes on windfall profits that are not limited to energy but incorporate banks, telecommunications companies and airlines.

B Law & Tax International Tax & Legal Advisors.


“En B LAW&TAX somos especialistas en asesoramiento fiscal internacional tanto a empresas como para particulares. Si desea ampliar la presente información, estaremos encantados de poder atenderle en el 917817194 o en [email protected]

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