Households could be in receipt of a new energy payment as soon as September thanks to new legislation.
The government is expected to give the green light to a new windfall tax law today. The legislation will allow government officials to collect as much as €600 million in windfall taxes from energy companies this summer.
Estimates suggest that the total windfall could range from anywhere between €280million and €600 million, depending on the ongoing energy crisis. Minister for the Environment Eamon Ryan is responsible for bringing the legislation to Cabinet.
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A senior Government source last night told the Irish Mirror: “Minister Ryan will look for Government approval for the General Scheme of the Energy (Windfall Gains in the Energy Sector) Bill 2023. This legislation is necessary to implement the temporary solidarity contribution and the cap on market revenues to address windfall gains in the energy sector."
Taoiseach Leo Varadkar and other senior politicians have previously suggested that the windfall will go towards assisting those affected by the ongoing energy crisis. Some households are set to become more strapped for cash when the fuel allowance is terminated on April 10.
The legislation would likely come into effect during the summer recess from the Dail. Consumers could then receive their first proceeds from the initiative around September.
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