Mitsotakis Announces €300M Tax on Refinery Profits to Aid Vulnerable Groups

Prime Minister Kyriakos Mitsotakis announced the imposition of a 33% extraordinary tax on the “very high profits of refineries” as an act of social justice during an interview with Real FM radio station on Thursday.

Mitsotakis described this decision as both politically and morally legitimate due to the significant changes in the international oil market. The tax is expected to generate approximately €300 million, which will be allocated to support the budget and aid vulnerable groups, particularly low pensioners who have not seen an increase due to personal differences.

“We do not confiscate profits or punish entrepreneurship,” Mitsotakis clarified.

Addressing the issue of high prices, the Prime Minister emphasised the need for product price reductions in supermarkets following the drop in inflation. He also announced the government’s decision to make the reduced VAT on taxis and on take-away or delivery coffee permanent.

“Everyone must realise that high prices undermine social cohesion,” Mitsotakis stated, affirming the government’s commitment to supporting disposable income and raising wages.

Read more: Greece taxation

(Source: Amna)