Tax on extraordinary profits is a reality already captured by the tax structure says Galp

Galp argues that the proposed tax on extraordinary profits of oil companies is already reflected in the current tax structure. The government has introduced a 33% tax on profits exceeding 20% of the average from 2024 and 2025, aimed at supporting families and social sectors. Galp's executive co-chair, Maria João Carioca, emphasized the importance of considering the long investment cycles in the sector, noting significant past investments and periods of negative cash flow. The tax revenue will fund environmental and agricultural initiatives, benefiting consumers and public transport services.