Netherlands to raise $3.2 billion with windfall tax on fossil fuel companies
Amsterdam, Nov 1 (Reuters) - The Dutch government intends to levy a windfall tax on fossil fuel companies retroactively for the year 2022, it said on Tuesday.
In a letter to parliament, the Finance Ministry described the decision as a temporary emergency measure taken "in connection with the high energy prices".
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
The government expects the tax, which it called a "solidarity contribution", to raise 3.2 billion euros ($3.16 billion). The proceeds will be used to fund a price cap on energy for households announced in October.
Companies with activities in the oil, natural gas, coal and petroleum refining sectors are subject to the 33% tax, which is to be levied on "excess profits".
Excess profits are profits that are more than 20% above the average level of 2018-2021, the ministry said.
Countries around the European Union have been announcing windfall taxes on oil and gas firms as part of emergency measures to help consumers.
($1 = 1.0125 euros)
(Reporting by Toby Sterling; Editing by David Goodman and Alex Richardson)