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Portugal to adopt "Robin Hood" tax on oil companies

by rahul | July 10, 2008 at 08:42 am

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In a new turn in government-oil company relations, Portugal intends to tax their climbing profits. Such move has already been introduced by some oil exporting countries such as Venezuela, Bolivia and Ecuador. Now, the turn falls on consumer countries to follow.

Portugal plans to adopt "Robin Hood" tax on oil companies
2008-07-10 17:32:11 -

LISBON, Portugal (AP) - Portugal's government plans to introduce a so-called «Robin Hood» tax on oil companies whose profits have climbed sharply with the spike in fuel prices.
An official says revenue from the tax is to be channelled into welfare programs.
Secretary of State for Fiscal Affairs Carlos Lobo said after a Cabinet meeting Thursday that the 25 percent rate of tax will be levied on oil companies' assets, not their profits.

The plan must be approved by Parliament, where the governing center-left Socialist Party has an overall majority.
Italy's government last month announced plans for a similar tax.

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