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Electricity Producers to Pay over 373 Million Euros Tax on ‘Excess Profits’

ATHENS – The Athens Tax Office on Wednesday confirmed that electricity producers owe 367,067,027.54 euros in total for the extraordinary levy of 90%, based on the increase of their gross profit margin for the period October 2021-June 2022. This amount, as stated by Finance Minister Christos Staikouras, is payable until December 30, 2022.

According to the minister, in the next few days the remaining amounts calculated by the other tax offices, amounting to 6,478,194.19 euros, will also be confirmed. Thus, the total amount of the extraordinary levy for the period in question amounts to 373,545,221.73 euros.

In addition, Staikouras pointed out that from July 2022 until the end of November 2022, the amount of 2,568,412,721.83 euros has been collected through the excess revenues’ withholding mechanism on the energy exchange, of which 979,692,524.78 euros concerns excess profits from natural gas, lignite and hydroelectric technologies and 1,588,720,197.05 euros concerns excess profits from Renewable Energy Sources (RES). Based on the above and excluding RES, profits totaling 1,353,237,746.51 euros have been withheld from the electricity generation companies.

In his statement, Staikouras also underlined that “Greece appears, based on a report by the European Commission, an analysis by the American organisation taxfoundation and data from the Bruegel institute, as one of the first countries of the 27 member states of the European Union which have imposed a levy and/or withholding tax on the excess profits of electricity producers, and indeed at the highest rate. And these amounts are returned to the citizens through the support measures implemented by the government, in a socially just way.”

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