The first of the Bills, the Energy Bill 2023, was published on Friday. The intention is for this legislation to be passed by the Oireachtas before the summer recess and a Dáil debate is scheduled for next week.
The TSC is calculated on a portion of a company’s taxable profits which are more than 20 per cent higher than a baseline of taxable profits for the period 2018-2021 and is applied at a rate of 75 per cent. The TSC will be applied for the years 2022 and 2023, and the Government estimates that the proceeds from fossil fuel companies will be between €200 million and €450 million.
Under the plans payment of the TSC for the year 2022 will be due by September 23rd this year and TSC payments related to profits in 2023 will be due by September 23rd, 2024. A Department of the Environment statement said the revenues are to be used to fund financial supports for households and businesses affected by high energy prices and may also be used to support investment in renewable energy.Minister for the Environment Eamon Ryan said: “This Bill is welcomed as it will collect significant proceeds that can be used to ease the impact of high energy prices on vulnerable energy consumers.
Provisional dates have been set out for companies to make formal declarations and payments to the Commission for Regulation of Utilities.
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