France is contemplating extending its windfall tax on oil and power companies into the next year to counterbalance elevated costs for consumers.
France is considering an extension of its windfall tax for oil and power companies into the new year, according to French lawmaker Jean-Rene Cazeneuve, who shared the plan on X. The plan, hatched by the National Assembly's finance committee, is part of a proposed amendment to France's budget bill for 2024 and would serve to offset higher costs for French consumers of gasoline, diesel, and electricity. The budget bill still must be adopted by parliament to go into effect.
ExxonMobil filed a lawsuit against the EU over a 33% windfall tax it was slapped with last December, claiming that it would likely cost the company $2 billion. French Finance Minister Bruno Le Maire said last month that windfall taxes could help alleviate the pain of high consumer prices, and raised questions about how much profits oil refiners were bringing in.
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