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Truss under pressure to increase windfall tax on fossil fuel giants after EU announces tougher levy on record profits
PRESSURE is piling on PM Liz Truss to increase a windfall tax on fossil fuel giants after the EU announced plans for a tougher levy on their record-busting profits.
Under plans announced by the bloc on Wednesday, fossil fuel extractors could be required to make a “solidarity contribution” covering 33 per cent of their taxable surplus profits for the 2022 fiscal year.
Ms Truss has ruled out extending the 25 per cent levy imposed on British-based firms last year.
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