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Government proposes temporary 33% tax on oil companies' extraordinary profits
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Government proposes temporary 33% tax on oil companies' extraordinary profits

SAPO15 September 2026 at 15:33

The Portuguese government proposed the creation of a temporary 33% tax on the surplus profits of oil companies. This extraordinary contribution aims to tax the so-called "surplus profits" that exceed a threshold of 20%.

The revenue generated by this tax will be distributed between two entities: the Environmental Fund and the Institute for Financing Agriculture and Fisheries (IFAP). This division of income suggests an objective of supporting both environmental policies and the agricultural and fisheries sector.

The measure applies to the fiscal years 2024 and 2025, thus establishing a limited time period for the extraordinary contribution. Oil companies that present profits above 20% above normal will be subject to this additional taxation.

Why this matters

This measure directly affects oil companies operating in Portugal, requiring them to contribute a larger portion of their surplus profits to the State. Citizens benefit indirectly through the reinforcement of funds for the Environmental Fund and IFAP, which finance environmental and agricultural policies. The measure comes in the context of high energy prices and is part of European policies for taxing extraordinary profits in the energy sector.

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This is our short summary of a report published by SAPO on 15 September 2026 at 15:33; the full text stays with the publisher. In our feed it sits under Business. We currently carry 23314 items in that section.

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