Netherlands MOF Proposes Temporary Solidarity Contribution Tax for Fossil Sector

The Dutch Ministry of Finance Nov. 1 announced a proposed bill to add a temporary solidarity contribution tax on excess profits of companies operating in the fossil fuel sector, in accordance with the applicable EU directive. The proposed bill includes measures to: 1) impose a 33 percent tax on excess profits of companies operating in crude oil, natural gas, coal, and petroleum refining; 2) define excess profits as the taxable profit that exceeds 20 percent of the average taxable profit of the last four years. The measures would apply retroactively from Jan. 1. [Netherlands, Ministry of Finance, 11/01/22]

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