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Six European nations call for special oil profit tax
Six European countries, including Germany, Italy, and Spain, are intensifying their efforts to impose a special tax on the profits of oil companies, especially given the surge in sector profits during the current conflict in the Middle East. They have requested that this proposal be included in the agenda of the upcoming European Union finance leaders' meeting, drawing on a previous experience in 2022 after the outbreak of the Russia-Ukraine war. The move aims to curb energy companies’ exploitation of the crisis to achieve high profits and to redirect these earnings back to consumers, particularly amid rising living costs and energy supply disruptions. However, the European Union has not yet announced an official stance on the new tax, and Germany is experiencing internal disagreements within its coalition regarding the issue.
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