Minister told to impose windfall tax on 'wartime profits' of energy firms

The pressure is on Minister for Finance Paschal Donohoe to allay fears among business owners over 'war-profiteering'.  Picture: PA

Finance Minister Paschal Donohoe must impose windfall taxes on energy firms' “war-time profits”, business leaders have warned, after gas prices in Europe spiked 15% higher on Monday to hit new record levels.

Neil McDonnell, chief executive of Isme, admitted it is unusual for a business group to seek corporate tax hikes, but the windfall taxes are required because small firms are facing an “emergency”, and will require significant amounts from the Government beyond its budget next month.