During the informal EU summit in Cyprus, Prime Minister Bart De Wever will argue for a European framework for the excess profit tax that companies book due to the crisis in the Middle East. He said this upon arrival in the coastal city of Agia Napa.
Sven Van Malderen
Journalist at HLN
Source: Belga
The heads of state and government discuss, among other things, the war in the Middle East and the energy crisis it has caused. The toolbox proposed by the European Commission is also discussed.
De Wever points out that the Commission places the responsibility mainly on the Member States themselves. “There are a lot of recommendations and good practices, but it never becomes very concrete,” he said.
“Terrible matter”
“We might have hoped for some ambition for the excess profit tax,” said De Wever. “There may be an opportunity to gain something financially. But if there is no robust framework at European level, that is a tricky matter. Then it will be challenged and you are not at all sure of your case.”
The Prime Minister had also warned in the Parliamentary Committee on European Affairs about the excess profit tax that the previous government introduced in 2022. At that time there was a European framework, but according to De Wever, lawyers have indicated “with great certainty” that “the Vivaldi work will be destroyed and that we will have to pay it all back”.
“Don’t get your hopes up too much”
Germany, Italy, Spain, Portugal and Austria had previously argued for an excess profit tax for companies that make unexpected profits due to the crisis. On Tuesday evening, the core cabinet decided that Prime Minister Bart De Wever would also advocate a European initiative.
“But if the Commission itself does not propose it, then perhaps we should not get our hopes up too much,” he also said. A Commission spokesperson said earlier in the day that there are “currently no plans in this regard”. “And we are not going to speculate about whether that will happen in the future.”
