The energy giant Exxonmobil is taking legal action against the excess profit tax introduced by the European Union. “We are only focusing on the counterproductive excess profit tax and not on other elements of the energy price reduction package.”
This was announced by spokesman Casey Norton, confirming a report from the Financial Times newspaper. It had reported that Exxonmobil wanted to sue the EU at the General Court of the European Union because it exceeded its legislative powers.
According to the company, the tax undermines investor confidence, discourages investment and increases dependence on imported energy and fuel products. At the same time, Exxonmobil promised huge investments in Europe.
EU: Is now a court case
The European Commission said it would take note of the lawsuit. It is now for the Court to decide. However, the Brussels authority stressed: “The Commission still considers that the measures in question are fully compatible with EU law.”
The measures at EU level were adopted at the end of September. They not only affect producers of cheap electricity from (renewable) sources, but also oil, coal and gas companies and refineries. They must pay a solidarity levy of at least 33 percent on their excess profit.
The money should also be used to fund emergency aid for citizens and businesses. According to estimates by the European Commission, the temporary solidarity contribution could raise €25 billion. (aeg/sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
