Majority of energy companies’ excess profit to be taxed, says PM Mitsotakis

Prime Minister Kyriakos Mitsotakis said on Wednesday that majority of the excess profit of energy companies will be taxed and so that they will contribute to address the losses sustained by the citizens during the energy crisis.

Speaking at the Parliament the Prime Minister said that energy companies will be made to pay a part of their excess profits to counteract this disruption in energy prices.

“Where excessive profits are found, the companies will be called upon to contribute to address the losses sustained by the citizens,” Mitsotakis said.

He stressed that he will not hesitate to legislate for an emergency tax where such profits exist. However, he noted that they cannot be taxed before they are generated.

The prime minister emphasized that 90 percent of the excess profits of energy companies will be subjected to emergency taxation and return to the state budget.

The Regulatory Authority for Energy (RAE) will analyze the data of all energy companies from October 2021 until today and where excess profits are found, the companies will contribute for the citizens’ losses, the PM stressed also on a post on Twitter, underlining the 90% taxation.

Οι πολεμικοί καιροί απαιτούν αλληλεγγύη και μοίρασμα των βαρών. Η ΡΑΕ θα αναλύσει τα στοιχεία όλων των εταιρειών ενέργειας από τον περασμένο Οκτώβριο έως σήμερα. Όπου διαπιστωθούν υπερκέρδη, οι εταιρείες θα κληθούν να συνεισφέρουν στην αντιμετώπιση των απωλειών των πολιτών. pic.twitter.com/SrSgJXNB17

— Prime Minister GR (@PrimeministerGR) March 23, 2022

Ps Certainly a good and bold measure once the energy companies write down their “excess profits.” Otherwise, it’s a much too early Easter firework.