The Portuguese Government announced the resumption of the so-called "windfall tax" rules from 2022, applying them to the oil sector. This contribution aims to tax profits considered excessive from companies operating in crude oil refining and commercialization.
The established rate is 33% and will apply to profits exceeding the sector average by 20%. Thus, only excess profits from 2026 will be subject to this contribution.
The legislative proposal, called Temporary Solidarity Contribution on the Oil Sector, has already been submitted to Parliament for discussion and approval. The stated objective is to ensure that oil companies contribute more equitably when they achieve above-normal results.
This measure is part of a broader context of fiscal policies aimed at taxing extraordinary profits from sectors with above-average results, a practice adopted in several European countries after recent energy shocks.
