Swiss-based commodity trader Mercuria Energy Group reported a $1.3 billion profit in 2025, yet paid only $1.04 million in corporate taxes—a tax rate of 0.08%. The figure has reignited debate over corporate tax fairness in global commodities trading.
- Mercuria Energy Group earned $1.3 billion in profits in 2025.
- Effective tax rate was 0.08%, resulting in $1.04 million paid in corporate taxes.
- Tax efficiency achieved through offshore entities and transfer pricing mechanisms.
- Profitability supported by LNG trading and cross-market arbitrage activities.
- Sparks policy debate on fairness of global tax rules for commodity traders.
Mercuria Energy Group, a major player in global energy and commodities markets, generated $1.3 billion in net profits during the 2025 fiscal year. Despite this substantial return, its effective corporate tax rate amounted to just 0.08%, equivalent to $1.04 million in actual tax payments. This low rate reflects the company’s use of complex financial structures and jurisdictional tax optimization strategies common among multinational traders. The outcome underscores the challenges faced by tax authorities in capturing revenue from high-margin, globally distributed commodity operations. Mercuria’s model—relying on offshore holding entities, debt financing, and intercompany transfer pricing—allows it to shift earnings through lower-tax jurisdictions while maintaining operational presence in key energy hubs. Industry analysts note that such tax outcomes are not isolated: many large commodity traders report similarly low effective rates despite record profits. In 2025, Mercuria’s profitability was driven by surging demand for liquefied natural gas and strategic arbitrage across Asian, European, and North American markets, contributing to its strong balance sheet and asset valuation. The case has drawn scrutiny from policymakers advocating for a global minimum corporate tax rate. Critics argue that current international tax frameworks allow firms like Mercuria to benefit disproportionately from global trade systems without proportionate contributions to public finances in host countries.