Senators approve windfall tax on energy firms and banks

The Czech Senate on Thursday voted for a windfall tax on energy producers, banks and petroleum and mining companies. The tax will run from next year until 2025 and will be set at 60 percent.

The move is intended to help the state cover the cost of aid to households and companies impacted by rising energy prices.

The upper house included an amendment to the bill that would allow the Czech government to cap energy prices for large companies; ministers would like to impose such a cap but is waiting for agreement at the EU level before making such a move.

Author: Ian Willoughby