The Strategist

Greek authorities to tax excess profits of gas suppliers

06/22/2022 - 10:12

Greek gas suppliers' increased revenues will be subject to a 90 percent tax, according to the Ministry of Environment and Energy.
A law to be tabled to parliament by the ministry envisages that a rise in the profit rate of gas supply businesses between 2020 and 2021 would be taxed at a rate of 90 percent, as has happened with the increasing profitability of electricity companies, it added.

According to the government, funds from the emergency tax would be transferred to the Green Energy Transition Fund and utilized to subsidize consumer, company, and residential energy and gas prices.

At the end of May, the Greek parliament approved to levy a 90% tax on excess profits made by energy businesses engaged in the wholesale power market.