Lisbon, June 18, 2026 (Lusa) - The Portuguese prime minister has stated in parliament that the government is drawing up a bill to introduce taxes on windfall profits made by energy companies, as announced in May, which it will then submit to parliament for debate.

“The bill is being drafted by the government and will, of course, be submitted to parliament,” said Luís Montenegro on Wednesday during the parliamentary debate in preparation for the European Council meeting on Thursday and Friday, in response to Fabian Figueiredo, the sole MP from the Left Bloc.

The Left Bloc MP pointed out that the minister of finance, Joaquim Miranda Sarmento, “announced on 5 May that he would go ahead with the windfall tax” and that “more than a month has now passed”, asking: “Have you given up on this tax?”.

“We have not given up,” replied Luís Montenegro.

Minister of Finance Joaquim Miranda Sarmento stated in early May that Portugal would proceed with taxes on the windfall profits of energy companies, as was done in 2022 during the previous fuel price crisis.

A few days later, the minister of the economy, Manuel Catro Almeida, confirmed that the measure was being drawn up, but said that, if the war in Iran were to end, taxing excessive profits would “not be justified”.

“We are advocates of harmonising tax regimes as a key element of a fair economic policy that does not favour certain member states over others within the common market, and ensures that opportunities are, in essence, the same,” the prime minister said, emphasising the need to complete the banking union and strengthen the single capital market.

“In order to curb the rise in the cost of living, we need profitable, competitive companies; and to have profitable, competitive companies, we must also have financing arrangements that are appropriate and fair,” he emphasised.

JH/AYLS // AYLS

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