Energy windfall taxes are messy, unfair, and vital

Enel Chief Executive Francesco Starace told Bloomberg TV on March 21 that the impact of an Italian government measure to tax windfall profits of energy companies would be something between 7 million euros and 10 million euros.

The 10% tax, which will help pay for a 4 billion euro raft of measures to help consumers and companies manage high energy prices, is to be levied on pre-tax profits made between October 2021 and March 2022, comparing them to profits in the same year-ago period. The European Commission cited on March 8 estimates from the International Energy Agency that temporary tax measures on windfall profits could make available up to 200 billion euros in 2022 to partially offset higher energy bills.FILE PHOTO: Flames from a gas burner are reflected on a cooker in a private home in Bad Honnef near Bonn, Germany, October 11, 2021.

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