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Austria Targets Oil Profits in Windfall Tax

OIL

Austria’s government announced windfall tax plans today for oil and gas firms that will be up to 40%.

  • The levy of up to 40% will apply to profits that are 20% above the average of the previous four years, but companies can bring the tax rate down to 33% if they invest in renewables, the Finance Ministry said in a statement.
  • The tax will apply retroactively from July 1 of this year until the end of next year, it added.

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