ExxonMobil Sues EU For Imposing Tax On Excess Profits

According to the Financial Times, U.S. energy company ExxonMobil has filed a lawsuit against the European Union over the imposition of a tax on oil corporations’ surplus earnings.

The publication reports that the business thinks the European Union’s decision to enact this fee goes beyond what is permitted by law.

As previously mentioned, the German and Dutch ExxonMobil divisions filed the lawsuit in the European Court of Common Pleas in Luxembourg on Wednesday. The corporation questions whether the EU has the authority to enact such a levy, pointing out that national governments typically hold the authority.

The imposition of the tax, according to ExxonMobil spokeswoman Casey Norton, who is quoted by the newspaper, is a « counterproductive » move. An action of this nature, according to the business, « would weaken investor confidence and deter additional investment » while also increasing the region’s reliance on energy imports.

source: ft.com

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