The state plans to collect BGN 72 million from excess profits of fuel companies

Next year, the state plans to collect 72 million BGN in excess profits from companies involved in the production and processing of fuels - oil, natural gas and coal. The money will be used to help household consumers and businesses because of the high electricity and fuel prices.

The draft law was passed by the budget committee of Parliament.

This requirement is, in fact, mandatory throughout the European Union and is part of the anti-crisis measures. It will apply for two years.

A total of 30 companies are subject to the additional taxation. 15 of them have declared zero profit. The calculations are made as follows: the average of the past four years, increased by 20%, is subtracted from 2022 profits. The difference is taxed at 33%.

"This contribution is made in one lump sum by paying the corporate tax annually, by June 30 of the following year, and it will be declared and paid with the same declaration as the annual corporate tax," said Lyudmila Petkova, caretaker deputy minister of finance.

The measure to pay 25 cents on the retail price of fuel expires by December. New measures are expected to be developed to use the amount collected.

"It can be used in connection with high energy prices, not only electricity, so each member state can define national measures, but must notify the commission by December 31 this year," Petkova said.

By early December, the finance ministry will propose to additionally tax the excess profits of private electricity producers and traders, as required by the EU. So far, only state-owned ones have been levied and the money was used for compensations to businesses.