Spain Aims to Replace Energy Windfall Tax 'in Coming Weeks' [Financial Post (Toronto, Ontario, Canada)]
REPSOL SA SP/ADR (REPYY)
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Source: Financial Post
(Bloomberg) — Spain is looking to allow energy companies to earmark profits for investments rather than having to pay a windfall tax. The government is considering a new system allowing firms to either “invest part of your profits or you contribute” to the state through taxes, Energy Minister Teresa Ribera said in an interview in Brussels on Monday. The government expects to have the new system ready “in coming weeks.” Article content Article content Energy firms have been seeking clarity on the plans for the windfall tax, ever since the government late last year said it needed adjustments because it was originally put in place when electricity prices were far higher than they currently are. The tax riled the industry, with at least one major firm, Repsol SA, threatening to cut investments in the country. The temporary tax was created for 2023 and 2024, as part of inflation relief plans, and sets a 1.2% levy on revenues of large energy companies. The government subsequently
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