Austrian Parliament Approves Windfall Taxes on Oil and Gas Companies and Electricity Producers

On 21 December 2022, Austria's Federal Council (upper house of parliament - Bundesrat) approved the laws for the introduction of two separate energy crisis contributions (windfall taxes) on oil and gas companies and electricity producers.

For oil and gas companies, the energy crisis contribution is in the form of a 40% tax on excess profits from 1 July 2022 to 31 December 2023. Excess profit is the amount of profit exceeding 120% of average taxable profits in the past four years, 2018 to 202…