The government has already presented the draft law on the tax on extraordinary profits and even advanced the intended destination for the income, but does not yet know what amount fits this tax. The extra contribution to the results of energy companies has been agreed at European level, but António Costa’s CEO went further by also including the food distribution sector in the windfall tax. However, the Treasury Department cannot make a “reliable” and “conservative” estimate of the amount it will collect, the revenues of which will be used to fund support measures for families and businesses most affected by high energy and food prices.
Asked by Dinheiro Vivo about the amount it intends to charge, an official source from Fernando Medina’s office does not provide concrete figures, justifying that “it will depend on the forecasts of the taxable profits of the operators covered by fall under the regime of temporary solidarity contributions”. . It therefore states that “it is not possible to estimate amounts reliably and accurately prior to the final approval of the accounts of the period and the calculation of the taxable profits of the companies concerned, an exercise performed by the entities themselves in the year following the tax period and subsequently reported to the tax authorities, so that the tax results of the companies are not yet known”.
The same source clarifies that the tax period is still open, normally until December 31, and, at the choice of the taxpayer, cannot coincide with the calendar year and end after that date.
There is more certainty about the destination of the pie that will be paid for by energy – for example energy support for vulnerable families, private investment in renewables or for decarbonisation – and by distribution: help for families with food costs, implementation of consumer protection policies and financial support for small traders.
Commissioned by Brussels, the windfall tax will be levied on companies active in the oil, natural gas, coal and refinery segments, such as Galp. In Portugal, by government decision, the fee will also be charged to food distribution, including supermarkets and hypermarkets. The measure – which creates a 33% tax on the portion of taxable profit that exceeds the 20% increase in average income over the previous four years – will be transposed into the national legal framework.
Despite the fact that the percentage and basis of incidence have already been defined and estimates have even been made by investment banks for some of the affected companies, Finance guarantees that the “results published each quarter by the listed entities, although they reflect of the evolution of the consolidated operation, on a quarterly basis, is not a reliable representation of the tax base of the operation, as the tax results are determined on the basis of various adjustments of a tax nature, generally due to differences with relating to accounting results”.
Dinheiro Vivo reached out to several companies in the oil sector, but none would put forward numbers or comment on whether they would contest. APED’s general manager, who represents the distribution, said the new tariff, which is “unfair and unbalanced”, could affect at least 15 companies. Gonçalo Lobo Xavier says that so far there is no intention to challenge the measure in court, “not least because there is nothing to go to court at the moment. This is an issue that cannot be What we are, of course, very attentive to understand the scope of this measure,” he emphasizes.
Dinheiro Vivo Journalists
Source: DN
