Exxon sues EU over windfall profit tax – By Rachel Frazin (The Hill) / Dec 28, 2022
ExxonMobil is suing the European Union (EU) over the bloc’s windfall tax on energy companies, arguing the move will discourage investment in Europe.
In September, the EU adopted a 33 percent tax on oil, gas and coal profits that are at least 20 percent higher than average profits in recent years. The EU called the tax a “solidarity levy” and argued it was meant to address high energy prices.
Exxon blasted the tax in announcing its lawsuit Wednesday, calling the EU levy “counter-productive.”
“Our challenge is targeted only at the counter-productive windfall profits tax, and not any other elements of the package to reduce energy prices,” said a statement from the company shared by spokesperson Erin McGrath.
CONTINUE > https://thehill.com/policy/energy-environment/3791112-exxon-sues-eu-over-windfall-profit-tax/
