Windfall tax

A windfall tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry.

There have been windfall taxes in various countries across the world, including Australia,^[1] Italy,^[2]^[3]^{[nb 1]} and Mongolia (2006-2009).^[5]^[6] Following the 2021–2023 global energy crisis, policy specialists at the International Monetary Fund recommended that governments institute windfall profits taxes targeted at economic rents in the energy sector, excluding renewable energy to prevent hindering its further development.^[7]

^ Martin, Peter (June 14, 2022). "Analysis: Australia already has a UK-style windfall profits tax on gas, but we'll give away billions unless we fix it soon". Australian Broadcasting Corporation. Retrieved June 18, 2022.
^ Walker, Owen; Agyemang, Emma (August 9, 2023). "Italy joins wave of windfall taxes on banks across Europe". Financial Times. Retrieved August 9, 2023.
^ Barber, Tony (August 12, 2023). "Opinion: Italy's disastrous bank tax". Financial Times. Retrieved August 13, 2023.
^ "Italy's hard-right government is starting to look more radical". The Economist. August 24, 2023. ISSN 0013-0613. Archived from the original on August 28, 2023. Retrieved August 31, 2023.
^ "Ivanhoe 'surprised' by new Mongolian windfall tax". CBC News. June 15, 2006. Retrieved August 31, 2023.
^ Cite error: The named reference repealed was invoked but never defined (see the help page).
^ Baunsgaard, Thomas; Vernon, Nate (August 2022). "Taxing Windfall Profits in the Energy Sector". IMF Notes. 2022 (2022/002): 1. doi:10.5089/9798400218736.068. ISSN 2957-4390. S2CID 252105037.

Cite error: There are <ref group=nb> tags on this page, but the references will not show without a {{reflist|group=nb}} template (see the help page).

[1] Martin, Peter (June 14, 2022). "Analysis: Australia already has a UK-style windfall profits tax on gas, but we'll give away billions unless we fix it soon". Australian Broadcasting Corporation. Retrieved June 18, 2022.

[2] Walker, Owen; Agyemang, Emma (August 9, 2023). "Italy joins wave of windfall taxes on banks across Europe". Financial Times. Retrieved August 9, 2023.

[3] Barber, Tony (August 12, 2023). "Opinion: Italy's disastrous bank tax". Financial Times. Retrieved August 13, 2023.

[4] "Italy's hard-right government is starting to look more radical". The Economist. August 24, 2023. ISSN 0013-0613. Archived from the original on August 28, 2023. Retrieved August 31, 2023.

[:1-6] "Ivanhoe 'surprised' by new Mongolian windfall tax". CBC News. June 15, 2006. Retrieved August 31, 2023.

[repealed-7] Cite error: The named reference repealed was invoked but never defined (see the help page).

[8] Baunsgaard, Thomas; Vernon, Nate (August 2022). "Taxing Windfall Profits in the Energy Sector". IMF Notes. 2022 (2022/002): 1. doi:10.5089/9798400218736.068. ISSN 2957-4390. S2CID 252105037.

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