Fossil fuel energy companies could be hit with a government windfall tax in the coming weeks under new rules, as the Cabinet agreed this morning, reports The Mirror.
It will be a boost for households as a windfall tax on all energy, renewables and fossil firms is expected to bring in between €280m and €600m to the Treasury.
And the government has promised it will be suspended to help consumers pay for the increased energy bills we’ve all become accustomed to.
A source close to the Energy Minister, Eamon Ryan told the Irish Mirror: “Minister Eamon Ryan will seek approval from Government tomorrow to divide the proposed Energy Windfall Gains Bill into two separate Bills to ensure that the collection of the Temporary Solidarity Contribution (TSC) from large gas and oil producers can proceed faster before the summer recess.”
“The division means that Energy (Windfall Gains in the Energy Sector) Bill 2023 will be split into two separate Bills: Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Bill 2023 and Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023,” the source added, reports The Mirror.
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