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Windfall Tax on Banks Takes Shape

CZECHIA
  • The Finance Ministry notified banks yesterday that it plans to impose a windfall tax on the largest lenders, seeking to raise about CZK 25bln per 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, and the special levy is expected to remain in place for three years, raising about 75 billion koruna over the period, according to Bloomberg.
  • Retail sales data came in weaker than expected, dropping at a rate of 8.8% in August vs. Exp. -6.5%. The July read was also revised lower and retail sales are now slowing at the fastest rate since the depths of the COVID pandemic.
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