President signs off on windfall tax

Czech President Miloš Zeman has approved a windfall tax for banks and energy, oil and mining companies that will take effect from next year. The tax will be at a rate of 60 percent and will apply to excess profit that industries seen as benefitting from the energy crisis are currently enjoying. The government anticipates that the new tax will bring in about CZK 45 billion to the state budget in 2023. This money is intended to cover the extra costs that the state is incurring with regards to the setting of energy price caps.