Ireland south MEP Billy Kelleher called on Government to slap a tax on any abnormally high profits currently made by energy providers to raise funds to subsidise farmers’ fertiliser bills.
“A windfall tax on energy companies and further supports to farmers regarding higher fertiliser prices is possible under the European Commission’s Accelerate EU plan that was recently announced,” Kelleher maintains.
“While there will be no EU wide windfall tax, the possibility is there under this plan for national governments to levy such a tax. The Irish Government should make use of this option, I believe.”
The Fianna Fáil MEP suggested that many other EU countries are likely to implement a windfall tax on energy providers, using funds generated to pay for supports for homes, families, farmers and businesses over the duration Iran-related cost spikes.
“Energy companies cannot be seen to profit off citizens' hardships,” Kelleher said.
“In addition, there is scope under the plan for member states to compensate up to 70% of a beneficiary's extra costs from the price increase of fertilisers caused by the crisis or a flat rate of €50,000.
“Fertiliser prices in Ireland have risen by approximately 20% for CAN and approximately 60% for urea since hostilities broke out in the Middle East.
“While prices have stabilised, the ongoing challenges will likely result in prices increasing or at best, staying at their current level.”
SHARING OPTIONS