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Finance Ministry Plans 60% Windfall Tax On Largest Lenders

CZECHIA
  • CZECH GOVERNMENT PLANS 60% WINDFALL TAX ON LARGEST BANKS (Bloomberg)
  • The Czech Finance Ministry told banks on Wednesday it plans to impose a windfall tax on the country’s largest lenders, seeking to raise about 25 billion koruna ($1 billion) a year to fund energy subsidies as global fuel prices soar, according to a summary of the meeting.
  • The government would apply a tax rate of 60% on lenders’ extraordinary profits, according to a note summarizing the meeting between ministry officials and banking executives.
    • The special levy is expected to remain in place for three years, raising about 75 billion koruna over the period. (BBG)
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