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EU to Introduce Solidarity Contribution for Fossil Fuel Companies — Orbitax Tax News & Alerts

On 7 September 2022, the European Commission published a Statement by President von der Leyen on energy, covering the different steps being taken to address current energy issues. While no specific details are given, the statement notes that the Commission will propose a solidarity contribution for the unexpected profits of fossil fuel companies. In connection with the solidarity contribution, the Commission will also propose a cap on the revenues of companies that are producing electricity with low costs.