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Nuno Oliveira Garcia analyses new windfall tax on the oil sector | Expresso
21 September, 2026
Nuno Oliveira Garcia comments on the Government’s proposal to introduce a temporary solidarity contribution on the oil sector, which would impose a 33% levy on the extraordinary profits of companies engaged in crude oil extraction and refining activities.
Nuno Oliveira Garcia, partner of Tax at Gómez-Acebo & Pombo, considers that the very nature of so-called windfall taxes is legally questionable, highlighting that this type of taxation raises constitutional concerns as it targets only a limited group of companies, contrary to the principle of general taxation.
The partner also draws attention to potential issues of retroactivity, given that the proposal provides for the taxation of profits earned in 2026, including gains generated before the legislation is approved, which could open the door to legal challenges.
The lawyer notes that the practical application of the contribution gives rise to a number of interpretative uncertainties and anticipates that the measure may lead to further litigation, with affected companies now having to assess the legal, financial and reputational risks associated with any potential challenge to the levy.
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Gómez-Acebo & Pombo
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