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TotalEnergies Still at Risk From French Windfall Tax on Profits

  • Energy giant lowered fuel prices in France earlier this year
  • Lawmakers plan to hold hearings on parliament backing
TotalEnergies headquarters in the La Defense business district in Paris.

TotalEnergies headquarters in the La Defense business district in Paris.

Photographer: Nathan Laine/Bloomberg

TotalEnergies SE still risks facing a tax on windfall profits from the government later this year, even after the energy giant agreed to lower fuel prices in France.

Several lawmakers from President Emmanuel Macron’s Renaissance party and from the conservative Les Republicains back hearings after the summer to gauge whether parliament would support taxing extra profits made by energy and shipping companies on the back of rising energy and freight prices. Both parties usually want lower corporate taxes to make the French economy more competitive.