The transparency commission responsible for evaluating the additional VAT and TIPP revenues due to the increase in the price of oil has been launched.
Thierry Breton announced on Tuesday 6 September that the future transparency committee on petroleum taxation would be composed of seven members and chaired by Bruno Durieux.
In the press release, the Minister of the Economy and Finance and Jean-François Copé, the Minister for the Budget, expressed their wish to install this commission "in the coming days" "in order to be able to provide the first elements of evaluation before the start of the 2006 budget review in Parliament ”.
The said commission will be responsible for assessing the amount of any additional revenues from VAT and TIPP (internal tax on petroleum products) linked to the increase in the price of petroleum.
Econology note: Yes… expensive oil enriches states and oil companies… and if prices remain high, gas companies and electricians will rapidly increase their prices significantly…