Czech Republic Planning 60% Windfall Tax on Energy, Banking, and Mining Sectors

The Czech Ministry of Finance has announced the introduction of a draft law for a proposed 60% windfall tax based on rules recently agreed to by EU Energy Ministers. The 60% tax will be levied on exceptionally profitable companies in the sectors of energy production and trading, banking, fossil fuel extraction, and production and distribution of petroleum and coking products for a period of three years beginning 1 January 2023. The tax will operate as a surcharge on the excess profit of such…