Austria announces windfall tax on energy companies

VERBUND AG

18/11/2022 07:51

VIENNA, Nov 18 (Reuters) - Austria's government on
Friday announced plans to introduce a temporary windfall tax on
energy companies that will be of up to 40% for oil and gas
firms, implementing a European Union-wide agreement on the
issue.
    The tax will apply to oil and gas firms' profits this year
and next that are 20% above the average of previous years, the
Finance Ministry said in a statement. It can be reduced to 33%
if the firms make green investments, it added.
    A separate system for power companies will apply to revenues
per megawatt hour above 140 euros, it said.
 (Reporting by Francois Murphy; Editing by Jan Harvey)
 ((francois.murphy@thomsonreuters.com; +43 1 2530 165 010;))