Finance Ministry proposing windfall tax for companies in energy, banking and fossil fuels

The Ministry of Finance will propose a windfall tax for companies in the energy, banking, petroleum and fossil fuel industries for a period of three years starting from January 1, 2023, Finance Minister Zbyněk Stanjura said at a press briefing on Thursday. The ministry is planning a tax rate of 60 percent on the excess profits of these companies. The special tax is expected to generate CZK 85 billion for the budget in 2023. Another CZK 15 billion is expected to be raised next year by European price caps for energy producers, as proposed by the European Commission.