Six EU countries urge windfall tax on energy firms as profits soar due to Iran war

Six EU countries urge windfall tax on energy firms as profits soar due to Iran war Six European Countries are stepping up calls for a bloc-wide windfall tax on oil companies as profits soar due to the Middle East war, according to a letter seen by AFP. The finance ministers of Germany, Italy, Austria, Poland and Portugal, along with Spain's economy minister, sent the joint letter to the finance minister of Ireland, which holds the current EU presidency. "Oil companies are enjoying overall profitability and margins on refined products that exceed the rise in crude oil prices," it read. "We are experiencing one of the biggest supply shocks in decades, and all over the world there is growing discontent about the rise in the cost of living." (Reporting by AFP)