Portugal to Push for Windfall Tax Amid Energy Price Surge

Portugal plans to impose a windfall tax on energy firms amid price surges due to the Iran war. The government seeks parliamentary approval, aligning with moves by other EU nations. Despite holding a minority, the center-right government expects the proposal's success with Socialist Party support.

Portugal's government is set to seek parliament's approval for a windfall tax on energy companies benefiting from soaring prices due to the ongoing Iran war, Finance Minister Joaquim Miranda Sarmento announced on Tuesday.

Joining Germany, Italy, Spain, and Austria, Portugal previously urged the European Commission for a EU-wide tax, but Brussels opted to leave the decision to member states.

Despite the center-right government's minority in parliament, the proposal is likely to pass due to backing from the Socialist Party, who initiated similar measures last year.