Windfall tax and additional tax increases: waiting for further details

The government announced at the end of May that special taxes would soon be introduced to adjust the central budget so that the planned deficit targets (4.9% of GDP this year and 3.5% of GDP next year) may be achieved. These targeted taxes will be levied in 8 sectors where the Government believes extra profit is generated and thus, introduction of a windfall tax is justified.

Several different measures are expected, as the package will introduce new taxes besides increasing the existing ones. Details and the exact wording of the expected legal provisions remain unclear. Nevertheless, based on government announcements, we summarise in our newsletter below the main features of the windfall tax package affecting each sector.

To read the whole newsletter below.

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Tax Newsletter 2022/09.

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