EU proposal to tax excess profits much needed and should not be limited only to energy companies

Published: 8th March 2022

Today, the European Commission proposed that EU countries tax windfall profits made by energy companies. This one-off tax would capture the excess profits made during the recent spike in gas prices. 

In response, Chiara Putaturo, Oxfam EU’s tax expert, said:

"In these times of crisis, more and more people are being pushed into poverty while big business is raking in unexpected profits. The EU’s proposal to apply a windfall tax will raise much needed funds to fight the climate crisis and shield consumers from high energy bills. But this tax should not be limited only to energy companies, but all companies profiting off the pandemic, like big pharma and tech giants.”

Notes to editors

In November 2021, the People Vaccine Alliance, which Oxfam is part of, estimated that Pfizer, BioNTech and Moderna will make pre-tax profits of $34 billion in 2021 between them. The monopolies these companies hold have produced five new billionaires during the pandemic, with a combined net wealth of $35.1 billion.

In September 2020, Oxfam estimated that a temporary tax on excess profits made by the 32 global corporations that have profited the most during the pandemic could have raised $104bn in 2020, enough to provide unemployment protection for all workers and financial support for all children and elderly people in the poorest countries. The five ‘GAFAM’ tech firms (Google, Apple, Facebook, Amazon and Microsoft) alone accounted for $46 billion in excess pandemic profits in September 2020.

Contact information

Jade Tenwick | Brussels, Belgium | | mobile +32 473 56 22 60 
Paula Andres Richart | Brussels, Belgium |    

For updates, please follow @NewsFromOxfam and @OxfamEU 

Please support Oxfam's Coronavirus Response Appeal.

Tagged with