Portuguese Government Approves Temporary Solidarity Contribution on the Oil Sector

The Portuguese government has announced a proposal for a temporary solidarity contribution on the oil sector, which was approved by the Council of Ministers on 30 July 2026 and will be sent to the Assembly of the Republic (parliament). The contribution will apply at a rate of 33% on the profits of crude oil extraction and refining companies in 2026 that exceed the average earnings of 2024 and 2025 by more than 20%, and it will be payable by the end of September 2027. It is designed to captur…