Government To Consider Windfall Tax On Energy Companies.

The Irish Coalition Government will consider introducing a windfall tax on energy companies in next September’s Budget, according to An Taoiseach Mr Micheál Martin.

Mr Martin stated that while the Coalition want to see more investment being made in renewable energy, it also is very much aware that significant profits are being made by energy companies, making it necessary to examine the issue of a windfall tax.

Mr Martin also said that Liquefied Natural Gas (LNG)is an option that has to be considered in light of the energy security crisis brought about by the war in Ukraine. The Programme for Government allows for LNG but without the need for fracking.

Mr Martin said that strong tax returns will allow an opportunity to take pressure off people in September’s Budget. He confirmed that the Government is presently preparing a comprehensive Budget package that would focus on tax relief and how to reduce the cost of living for Irish families, particularly those with children.