EU: ECOFIN discusses calls for EU-wide windfall tax on energy companies
Any decision on whether to bring forward legislative proposals remains a matter for the European Commission (EC).
During the press conference following the ECOFIN meeting on October 9, 2026, Irish Minister for Finance Simon Harris indicated that finance ministers had discussed the taxation of windfall profits in the energy sector during their informal breakfast meeting. The discussion was prompted by a joint initiative from Austria, Germany, Italy, Poland, Portugal, and Spain, which called for an EU-level discussion on potential additional taxation of oil and gas companies' windfall profits.
According to Mr. Harris, any decision on whether to bring forward legislative proposals remains a matter for the European Commission (EC). However, he noted that finance ministers considered the issue worthy of further examination and agreed to task officials with exploring the matter further, alongside an EC-led group established to examine potential options.
When asked whether the EC intends to propose an EU-wide windfall tax on energy companies, Commissioner Valdis Dombrovskis reiterated the EC's view that decisions on the introduction of windfall taxes are primarily for individual member states. At the same time, he confirmed that ministers had agreed to establish a working group to further examine the issue, facilitate the exchange of best practices, and support member states in assessing possible approaches.
Neither Minister Harris nor Commissioner Dombrovskis commented on whether the EC is considering a legislative proposal or provided a timeline for any potential EU-wide initiative.
Read an October 2026 report prepared by KPMG’s EU Tax Centre