The Portuguese government proposed the introduction of a 33% tax on the excess profits of oil sector companies. This extraordinary contribution aims to tax the exceptional profits that these companies may obtain in the current context.
The measure applies to companies resident in Portugal or that have a "permanent establishment" in the country and that develop activities in the crude oil and refining sectors.
The entities covered by the proposal are those that obtain at least 37.5% of their turnover from these activities in the oil sector, thus defining the threshold for exposure to the new tax.
