Excess profit tax: Belgium pulls in €434.5 million from energy companies

Excess profit tax: Belgium pulls in €434.5 million from energy companies
Sign reading "Natural gas supply." Credit: Belga/Jonas D'Hollander

The solidarity contribution – "excess profit tax" – collected from the gas and oil sector will yield almost €435 million to the Belgian treasury this spring, said Federal Energy Minister Tinne Van der Straeten.

The Federal Government wants to use that money to fund the measures it has taken to help ease people's energy bills, Van der Straeten announced in the Parliament's Energy Committee on Tuesday afternoon.

"Ensuring that those excess profits are addressed and given back through various support packages: we ensured that in December through three laws targeting the gas sector, petroleum sector and electricity sector respectively, each with its own timing and procedure," she said. "Today, I can report to you the first results."

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Belgium's gas grid operator Fluxys transferred the anticipated €300 million solidarity contribution in mid-January, said Van der Straeten. Last week, companies trading in crude oil and petroleum products received the bill for the first half of 2022: over €134.5 million.

The excess profit tax for electricity companies is a lot more complex, and the government does not expect the first payments until autumn. "Every euro collected through the surplus profit tax goes back in full to our families and companies," she said.

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