This is a levy of at least 33 per cent on any profits above 20 per cent higher than average profits over the past three years. It applies to the taxable profits of “companies and permanent establishments tax resident in the EU in oil, gas, coal and refinery sectors”.
Prices may be lower, and it is expected to only be in place for six months, so revenues will almost certainly be less. Any energy imports from companies registered in non-EU countries, such as Britain, will not be affected by the EU’s cap and levy. Where energy is imported from companies based in other EU countries, Ireland can ask those governments to share the revenues raised on sales to Ireland.The Irish Government will largely decide.
Aware of the political sensitivities, the commission is largely leaving the question of how to achieve this to national governments — but is emphasising information campaigns, the “smart” use of electricity such as factories switching to different shifts, and incentives to reward those who reduce.
In Ireland it won't ,it will be siphoned off to politicians and their cronies.