Germany Weighs Windfall Profit Tax as Gas Levy Runs Into Trouble
- Talks on a tax on excess energy profits are gaining momentum
- Economy minister under fire over levy to offset soaring costs
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Germany is considering imposing a windfall tax on energy companies, with the effort gaining momentum as the ruling coalition seeks to resolve a dispute over who should shoulder the burden of soaring gas costs.
Chancellor Olaf Scholz’s Social Democrats alongside the Greens and the business-friendly Free Democrats imposed a gas levy on consumers to help fund aid for suppliers forced to pay higher prices due to Russia squeezing gas deliveries. But the plan has come under fire over concerns companies profiting from high prices might also be in line for the proceeds.