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US energy company Exxon is suing the EU over excess profit tax


The tax undermines investor confidence: Exxon is taking legal action against the EU's temporary random profit tax for energy companies - and is threatening further action.

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The US group Exxon (symbol photo) has sued the EU


The US energy company Exxon has sued the EU over the new tax on excess profits.

The European Union has thus exceeded its powers, said a spokesman for the group on Wednesday.

The tax is counterproductive, makes investments unattractive and undermines investor confidence.

Exxon will include the tax in its considerations for future billion-dollar investments in European energy supply.

First, the newspaper "Financial Times" corrected the lawsuit.

In September, the EU countries agreed on a temporary random profit tax for oil, natural gas and refinery companies.

Germany is implementing the requirement in the Annual Tax Act 2022: profits that exceed the average profit by one fifth compared to previous years are taxed at 33 percent.

The revenue, estimated at one to three billion euros, is intended to help finance the electricity price brake for consumers.


Source: spiegel

All business articles on 2022-12-28

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