The government is knocking on the doors of major energy companies to recover additional funds to combat rising fuel prices. Thus, the decree passed yesterday by the Council of Ministers, which contains the thirteenth extension of the excise tax cut extended until September 5 (see another report on the page), focuses on energy groups to which a 39% tax advance is requested on profits whose distribution was approved in the 2025 fiscal year.
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Who pays the new excise tax cut
The measure will apply to the sector giants who, from the 2025 budget, have achieved revenues exceeding 20 billion euros and who, according to the provision, “carry out, directly or through companies included in the consolidation perimeter, extraction, production, definitive import or introduction into the territory of the State from other European Union States, refining, processing, storage, transport, distribution, marketing or sale of crude oil, petroleum products, natural gas, including liquefied, or other energy products as well as electricity.”
Measure agreed with the groups involved
This is a particularly broad scope that would have been defined in agreement with the groups involved, according to government sources reported yesterday, and which allows solving, at least for now, the resource puzzle after, as is known, Brussels recently rejected the hypothesis of a European intervention on the extra profits of oil companies. A topic on which the government is nevertheless determined to move forward by collaborating with other countries.
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How the mechanism works
Returning to the provision, following what has already happened with banks, the advanced sums become a tax credit usable to reduce withholding taxes and substitute taxes applied to profits subject to the advance mechanism. The tax credit, clarifies article 2 of the decree, does not contribute to income formation. And if this credit exceeds what is due on profits, the excess can be used for compensation.
The amendment of the Tuir
The rule also provides for the update of the Consolidated Income Tax Act (Tuir) by introducing the 39% advance on dividends in the new article 55 bis. This advance must be made by November 30 of each year: thus designed, the rule would seem to introduce a regular levy and not an emergency one.
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