Czech state to collect significantly less in windfall tax than expected

The Czech state will collect far less in windfall profits from banks this year than expected, Czech Television reported. According to Czech Finance Minister Zbyněk Stanjura the ministry expects to collect around CZK 1 billion in windfall tax from banks this year whereas the expectation was more than CZK 30 billion in revenues. The Pirate Party of the ruling coalition has criticized the cabinet for failing to implement the law enforcing a windfall profits tax on banks and energy companies a year earlier – i.e. as of 2022.  Minister Stanjura said that despite the disappointment, the tax had a positive impact on clients since banks offered people higher interest rates on their savings and term accounts.