Call for EU windfall tax on energy profits as fuel prices rise

Finance ministers of Germany, Italy, Spain, Portugal, and Austria say measure could help fund relief for consumers facing high energy prices

Five European Union countries are calling for a windfall tax on energy companies' profits in reaction to rising fuel prices due to the Iran war, according to a letter from finance ministers to the EU Commission.

Five European Union countries are calling for a windfall tax on energy companies' profits in reaction to rising fuel prices due to the Iran war, according to a letter from finance ministers to the EU Commission.

The finance ministers of Germany, Italy, Spain, Portugal, and Austria made the joint call for an EU-wide tax in a letter dated Friday. Such a measure could help fund relief for consumers in the face of high energy prices and be a signal that "we stand united and are able to take action", they said.