Portugal Planning Windfall Tax on Energy and Retail Sectors

Portugal's Prime Minister António Costa reportedly announced on 26 October 2022 that the government is planning to introduce a law proposal for a windfall profits tax on companies in certain sectors that have benefited from ongoing inflation. The tax would be imposed at a rate of 33% on excess profits as compared to profits earned in previous years for companies in the energy and retail sectors. The tax is based on the Windfall Profits Tax for Fossil Sector recently agreed to by EU energy min…