France Says ‘No Taboo’ on Possible TotalEnergies Exceptional Tax
(Bloomberg) -- France won’t rule out an exceptional tax on TotalEnergies SE even though the government prefers sticking to a fuel-price cap for now, according to Budget Minister David Amiel.
“There is no taboo” against possible exceptional taxes to redistribute excess profits the company is making on the back of rising crude oil prices, Amiel said in an interview on France’s Radio J on Sunday.
“Still, for now the most effective measure is capping fuel prices at the pump. That way the money goes directly into the pockets of French people,” he added.
TotalEnergies last month boosted share buybacks and dividends after first-quarter profits rebounded on the back of soaring oil and gas prices and a strong trading performance.
While companies such as TotalEnergies have been forced to halt oil and gas production around the Persian Gulf since the outbreak of war in Iran at the end of February, they’re benefiting from steep gains in prices for crude and other fuels. UK peer BP Plc also reported sharply higher earnings amid the market turmoil.
French Prime Minister Sebastien Lecornu has said he favored a debate on how to benefit from TotalEnergies’ exceptional results. Other politicians also have upped their scrutiny of the oil sector, with Socialist leader Olivier Faure proposing a tax on windfall corporate profits linked to the Middle East conflict which he said could help France raise €2 billion ($2.32 billion).
TotalEnergies Chief Executive Officer Patrick Pouyanne indicated earlier this month that any French tax surcharge would mean the end of the group’s policy of capping fuel prices at pumps in France. A company media representative declined to comment further on Amiel’s remarks when contacted by email by Bloomberg on Sunday.
While no decision has been made on a possible tax surcharge, “when there are exceptional profits, there should be exceptional redistribution,” Amiel said. “France is lucky to have Total, but Total is lucky to have France,” he added.
France’s economy is weathering the Middle East crisis better than other European countries, Amiel said. The government will continue supporting areas of the economy that are “on the front line” in terms of war impact, such as farmers and transport operators, with measures that are “targeted, temporary and financed,” he added.
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