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Government wants 33% tax on extraordinary profits of oil companies to fund support measuresPhoto by koshinuke_mcfly on Pexels
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Government wants 33% tax on extraordinary profits of oil companies to fund support measures

Now15 September 2026 at 19:41

The Portuguese government intends to implement a 33% tax on extraordinary profits of oil companies as a way to finance support measures. This proposal comes in a context of concern about the equitable distribution of benefits derived from high energy prices.

The revenue collected through this extraordinary contribution will be destined for the Environmental Fund and the Institute for the Financing of Agriculture and Fisheries (IFAP). These two bodies will be responsible for managing and applying the funds raised.

According to the proposal, the financial resources obtained should be used exclusively to finance measures adopted after February 28, 2026. This temporal condition aims to ensure that the funds are directed towards future initiatives and not towards commitments already made previously.

Why this matters

This measure directly affects oil companies operating in Portugal and consumers who may benefit from the support financed by this tax. The proposal is part of the Executive's response to the economic consequences of rising energy prices, following European trends of taxing extraordinary profits in the energy sector.

About this summary

This is our short summary of a report published by Now on 15 September 2026 at 19:41; the full text stays with the publisher. In our feed it sits under Politics. We currently carry 30761 items in that section.

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