One-off 25% tax on oil companies' price-increase provision

Article 67 of the 2007 amending finance law subjected oil refining and fuel distribution companies to a one-off 25% tax on the portion of their price-increase provision above €15 million, for the first financial year ending on or after 31 December 2007. The tax is paid within four months of the year end and can be offset against corporate income tax for the year in which the provision is written back. The same article created a social heating fund for households: company payments to this fund give rise to a tax reduction offset against the tax.