German Finance Minister Lars Klingbeil and counterparts from five European nations have launched a joint push for an EU-wide framework to tax windfall profits, directing a letter to Ireland's finance minister, whose country currently holds the EU Council presidency.
The coalition includes ministers from Portugal, Spain, Austria, Italy, Poland and Germany, all calling for harmonised rules on taxing excess corporate profits across the bloc. The issue is set to feature on the agenda of EU economic and finance ministers meeting in Dublin on 18–19 September.
The initiative exposes divisions within the German government: the Social Democrats back the levy, while Economy Minister Katherina Reiche of the CDU opposes it. Separately, Oxfam has called for a permanent windfall tax of at least 50 percent on profits exceeding a 10 percent return.