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title="Tax rate">tax rate</a> on <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profits</a> that ensue from a sudden <a href="/wiki/Windfall_gain" title="Windfall gain">windfall gain</a> to a particular company or <a href="/wiki/Industry_(economics)" title="Industry (economics)">industry</a>. </p><p>There have been windfall taxes in various countries across the world, including Australia,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Italy,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>nb 1<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Windfall_tax_(Mongolia)" title="Windfall tax (Mongolia)">Mongolia</a> (2006–2009).<sup id="cite_ref-:1_6-0" class="reference"><a href="#cite_note-:1-6"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-repealed_7-0" class="reference"><a href="#cite_note-repealed-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> During the <a href="/wiki/2021%E2%80%932023_global_energy_crisis" class="mw-redirect" title="2021–2023 global energy crisis">2021–2023 global energy crisis</a>, policy specialists at the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> recommended that governments institute permanent windfall profits taxes targeted at <a href="/wiki/Economic_rent" title="Economic rent">economic rents</a> in the energy sector, excluding <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a> to prevent hindering its further development.<sup id="cite_ref-:2_8-0" class="reference"><a href="#cite_note-:2-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Discussion">Discussion</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=1" title="Edit section: Discussion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Support">Support</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=2" title="Edit section: Support"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Thomas Baunsgaard and Nate Verson of the IMF recommend implementing permanent windfall profit taxes on fossil fuel extraction but not temporary taxes or taxes on <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a>.<sup id="cite_ref-:2_8-1" class="reference"><a href="#cite_note-:2-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The taxes should always target a clear measure of excess profits and not be tied to price levels or revenue.<sup id="cite_ref-:2_8-2" class="reference"><a href="#cite_note-:2-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> They also recommend ensuring that markets can add new capacity quickly if-needed to avoid a spike in prices.<sup id="cite_ref-:2_8-3" class="reference"><a href="#cite_note-:2-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Another 2022 IMF paper argues these taxes are a tool for efficiently taxing <a href="/wiki/Economic_rent" title="Economic rent">economic rents</a>, which are often a result of monopolistic power or unexpected events like pandemics, war, or natural disasters, and contribute to windfall profits. Such profits have raised public and policy concerns about <a href="/wiki/Price_gouging" title="Price gouging">price gouging</a>, where firms are perceived to be profiting excessively from unforeseen circumstances.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Eric Levitz argues that these taxes are worth pursuing as it would incentivize producers to invest in lowering prices during times of supply shocks by expanding production instead of giving out dividends to shareholders.<sup id="cite_ref-:3_10-0" class="reference"><a href="#cite_note-:3-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>In 2022, <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> argued for windfall profit taxes for oil and gas in Australia to disincentivize raising prices.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>In 2022, an informal survey of 33 American and European economists at the <a href="/wiki/IGM_Forum" class="mw-redirect" title="IGM Forum">IGM forum</a> found majority support for taxing windfall profits.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>In 2023, a group co-directed by <a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a> suggested taxing windfalls from excess profits.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>As of 2023, <a href="/wiki/Isabella_Weber" title="Isabella Weber">Isabella Weber</a> has also been advocating for windfall profit taxes.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Criticism">Criticism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=3" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A 2008 <i><a href="/wiki/Wall_Street_Journal" class="mw-redirect" title="Wall Street Journal">Wall Street Journal</a></i><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> editorial argued that income taxes incentivize companies to make more profits which results in more tax revenue. A 2022 <i><a href="/wiki/Reason_(magazine)" title="Reason (magazine)">Reason</a></i> article argued against windfall taxes.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Australia">Australia</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=4" title="Edit section: Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Queensland,_Australia" class="mw-redirect" title="Queensland, Australia">Queensland, Australia</a> has a windfall profits tax on energy sources like <a href="/wiki/Coal" title="Coal">coal</a>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Polling by the <a href="/wiki/Australia_Institute" class="mw-redirect" title="Australia Institute">Australia Institute</a> as well as <a href="/wiki/Oxfam_Australia" title="Oxfam Australia">Oxfam</a> showed more than two-thirds of Australians supported windfall profit taxes.<sup id="cite_ref-:0_18-0" class="reference"><a href="#cite_note-:0-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="European_Union">European Union</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=5" title="Edit section: European Union"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For fiscal years 2022 and 2023, The EU asked energy companies to return 33% of taxable surplus profits to governments to help fund energy affordability and address shortages.<sup id="cite_ref-:0_18-1" class="reference"><a href="#cite_note-:0-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="On_solar_power">On solar power</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=6" title="Edit section: On solar power"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Rapid drop of photovoltaic equipment in the period 2011 to 2013 has created windfall profits conditions due to lagging response of regulators by adjustment of feed-in tariffs. Regulators in Spain, Greece, Bulgaria and Romania have introduced retroactive incentive reductions.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> In the Czech Republic a windfall tax has been introduced on solar electricity and further clampdown of solar power companies was considered in 2014.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Greece">Greece</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=7" title="Edit section: Greece"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In November 2022, Greece responded to soaring energy prices by imposing a 90% excess profits tax on energy companies. The Greek energy minister justified this decision by stating, "Our primary concern is to maintain affordable prices on consumer bills until the end of this major, pan-European energy crisis."<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> The tax revenues were used to subsidize energy prices. </p> <div class="mw-heading mw-heading3"><h3 id="Netherlands">Netherlands</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=8" title="Edit section: Netherlands"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In November 2022, the Dutch government introduced a temporary windfall tax as a strategic response to mitigate the impact of surging energy prices. This 33% tax targets companies operating within the oil, natural gas, coal, and petroleum refining industries. The tax applies to profits that exceed the average <a href="/wiki/Profit_margin" title="Profit margin">profit margins</a> of these sectors by more than 20% during the reference period from 2018 to 2021,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> as specified by the ministry. This measure is intended to buffer the financial shock experienced by consumers and stabilize market fluctuations in the energy sector. </p> <div class="mw-heading mw-heading3"><h3 id="Scandinavia">Scandinavia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=9" title="Edit section: Scandinavia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Finland announced its intention to tax windfall profits at large nuclear and hydro plants built before 1997 by 2010 or 2011.<sup id="cite_ref-UW_2009-05-06_23-0" class="reference"><a href="#cite_note-UW_2009-05-06-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The date of the event predicted near this tag has passed. (August 2024)">needs update</span></a></i>]</sup> As non-CO2 emitting electricity generators, these plants have all seen their profits increase because of the <a href="/wiki/European_Union_Emissions_Trading_System" title="European Union Emissions Trading System">European Union Emissions Trading System</a>.<sup id="cite_ref-UW_2009-05-06_23-1" class="reference"><a href="#cite_note-UW_2009-05-06-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>As of 2009, in Sweden, <a href="/wiki/Hydroelectricity" title="Hydroelectricity">hydroelectricity</a> is subject to a <a href="/wiki/Property_tax" title="Property tax">property tax</a> and <a href="/wiki/Nuclear_power_plant" title="Nuclear power plant">nuclear power plants</a> to a capacity-based tax.<sup id="cite_ref-UW_2009-05-06_23-2" class="reference"><a href="#cite_note-UW_2009-05-06-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> While neither are windfall taxes, they were raised in 2008 due to higher windfall profits.<sup id="cite_ref-UW_2009-05-06_23-3" class="reference"><a href="#cite_note-UW_2009-05-06-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> In 2009, Norway, where hydro-electric power plants supply 99% of the country's electricity, similarly imposed a ground rent tax on hydro-electric power plants to reduce their profits by 30%.<sup id="cite_ref-UW_2009-05-06_23-4" class="reference"><a href="#cite_note-UW_2009-05-06-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Mongolia">Mongolia</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=10" title="Edit section: Mongolia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Windfall_tax_(Mongolia)" title="Windfall tax (Mongolia)">Windfall tax (Mongolia)</a></div> <p>Mongolia implemented in 2006 taxation on the <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profits</a> made by <a href="/wiki/Mining_in_Mongolia" title="Mining in Mongolia">mining companies operating in Mongolia</a>.<sup id="cite_ref-:1_6-1" class="reference"><a href="#cite_note-:1-6"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> A tax on unsmelted copper and gold concentrate produced in Mongolia, it was the highest windfall tax in the world.<sup id="cite_ref-resource_investor_24-0" class="reference"><a href="#cite_note-resource_investor-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> The tax was repealed in 2009 and phased out over two years. Repealing the 68% tax law was considered essential to enable foreign mining companies to invest in mineral resources development of Mongolia.<sup id="cite_ref-repealed_7-1" class="reference"><a href="#cite_note-repealed-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="United_Kingdom">United Kingdom</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=11" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Windfall_tax_(United_Kingdom)" title="Windfall tax (United Kingdom)">Windfall tax (United Kingdom)</a></div> <p>In the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, an early one-off windfall tax was levied on certain bank deposits as part of the <a href="/wiki/1981_United_Kingdom_budget#Measures" title="1981 United Kingdom budget">1981 budget</a> under Margaret Thatcher. In 1997, the government of <a href="/wiki/Tony_Blair" title="Tony Blair">Tony Blair</a> introduced a Windfall Tax for privatised utility companies. In May 2022, Rishi Sunak introduced the tax for energy companies extracting oil and gas in the UK, to help fund a package to relieve the <a href="/wiki/UK_cost_of_living_crisis" class="mw-redirect" title="UK cost of living crisis">UK cost of living crisis</a>.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="United_States">United States</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=12" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="1980_excise_tax">1980 excise tax</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=13" title="Edit section: 1980 excise tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Crude_Oil_Windfall_Profit_Tax_Act_of_1980" title="Crude Oil Windfall Profit Tax Act of 1980">Crude Oil Windfall Profit Tax Act of 1980</a> (P.L. 96-223) was part of a compromise between the <a href="/wiki/Carter_Administration" class="mw-redirect" title="Carter Administration">Carter Administration</a> and the Congress over the decontrol of <a href="/wiki/Crude_oil_prices" class="mw-redirect" title="Crude oil prices">crude oil prices</a>.<sup id="cite_ref-tax_history_27-0" class="reference"><a href="#cite_note-tax_history-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> The Act was intended to recoup the revenue earned by oil producers as a result of the sharp increase in oil prices brought about by the <a href="/wiki/OPEC_oil_embargo" class="mw-redirect" title="OPEC oil embargo">OPEC oil embargo</a>. According to a report by the <a href="/wiki/Congressional_Research_Service" title="Congressional Research Service">Congressional Research Service</a>, the Act's title was a <a href="/wiki/Misnomer" title="Misnomer">misnomer</a> as it was just an <a href="/wiki/Excise_tax" class="mw-redirect" title="Excise tax">excise tax</a> imposed on the difference between the market <a href="/wiki/Price_of_oil" title="Price of oil">price of oil</a> and a 1979 base price adjusted for inflation and <a href="/wiki/Severance_tax" title="Severance tax">severance taxes</a>.<sup id="cite_ref-crs_28-0" class="reference"><a href="#cite_note-crs-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-tax_history_27-1" class="reference"><a href="#cite_note-tax_history-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> The report also stated that the tax only generated $40 billion in net revenue though it was projected to generate $175 billion, and because the tax was an excise tax on oil produced domestically in the United States and not imposed on imported oil, it reduced domestic oil production by 1–5% while dependence on imported oil increased by 3–13%.<sup id="cite_ref-crs_28-1" class="reference"><a href="#cite_note-crs-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=14" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits tax</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance tax</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value tax</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=15" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Italy's windfall tax was unexpected and had a 40% rate on the profits accruing to Italian banks due to higher interest rates. By the next day, Italian bank shares dived, which caused a loss of €10 billion in value, and the <a href="/wiki/Meloni_government" title="Meloni government">Meloni government</a> modified the measure and capped the tax at 0.1% of a lender's total assets.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=16" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMartin2022" class="citation web cs1">Martin, Peter (June 14, 2022). <a rel="nofollow" class="external text" href="https://www.abc.net.au/news/2022-06-15/australia-already-windfall-gas-profits-tax-exporters-paid/101151978/">"Analysis: Australia already has a UK-style windfall profits tax on gas, but we'll give away billions unless we fix it soon"</a>. <i><a href="/wiki/Australian_Broadcasting_Corporation" title="Australian Broadcasting Corporation">Australian Broadcasting Corporation</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">June 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Australian+Broadcasting+Corporation&rft.atitle=Analysis%3A+Australia+already+has+a+UK-style+windfall+profits+tax+on+gas%2C+but+we%27ll+give+away+billions+unless+we+fix+it+soon&rft.date=2022-06-14&rft.aulast=Martin&rft.aufirst=Peter&rft_id=https%3A%2F%2Fwww.abc.net.au%2Fnews%2F2022-06-15%2Faustralia-already-windfall-gas-profits-tax-exporters-paid%2F101151978%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWindfall+tax" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWalkerAgyemang2023" class="citation news cs1">Walker, Owen; Agyemang, Emma (August 9, 2023). <a rel="nofollow" class="external text" href="https://www.ft.com/content/a1fb90a5-46e4-4a16-acc9-a1dbebebd3c7">"Italy joins wave of windfall taxes on banks across Europe"</a>. <i>Financial Times</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">September 4,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Tax+History+Project&rft.atitle=Historical+Perspective%3A+The+Windfall+Profit+Tax+%E2%80%93+Career+of+a+Concept&rft.date=2005-11-10&rft.aulast=Thorndike&rft.aufirst=Joseph+J.&rft_id=http%3A%2F%2Fwww.taxhistory.org%2Fthp%2Freadings.nsf%2Fcf7c9c870b600b9585256df80075b9dd%2Fedf8de04e58e4b14852570ba0048848b&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWindfall+tax" class="Z3988"></span></span> </li> <li id="cite_note-crs-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-crs_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-crs_28-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120211074013/http://assets.opencrs.com/rpts/RL33305_20060309.pdf">"CRS Report RL33305, The Crude Oil Windfall Profit Tax of the 1980s: Implications for Current Energy Policy, by Salvatore Lazzari, p. 5"</a> <span class="cs1-format">(PDF)</span>. Archived from <a rel="nofollow" class="external text" href="http://assets.opencrs.com/rpts/RL33305_20060309.pdf">the original</a> <span class="cs1-format">(PDF)</span> on February 11, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">December 6,</span> 2020</span>. <q>Despite its name, the crude oil windfall profit tax... was not a tax on profits. It was an excise tax... imposed on the difference between the market price of oil, which was technically referred to as the removal price, and a statutory 1979 base price that was adjusted quarterly for inflation and state severance taxes.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=CRS+Report+RL33305%2C+The+Crude+Oil+Windfall+Profit+Tax+of+the+1980s%3A+Implications+for+Current+Energy+Policy%2C+by+Salvatore+Lazzari%2C+p.+5.&rft_id=http%3A%2F%2Fassets.opencrs.com%2Frpts%2FRL33305_20060309.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWindfall+tax" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Windfall_tax&action=edit&section=17" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTwin2022" class="citation web cs1">Twin, Alexandra (December 19, 2022). <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/w/windfall-profits.asp">"Windfall Profits: Huge Gains Resulting From a Lucky Break"</a>. <i>Investopedia</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Windfall+Profits%3A+Huge+Gains+Resulting+From+a+Lucky+Break&rft.date=2022-12-19&rft.aulast=Twin&rft.aufirst=Alexandra&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fw%2Fwindfall-profits.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWindfall+tax" class="Z3988"></span></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Windfall_tax&oldid=1250960222">https://en.wikipedia.org/w/index.php?title=Windfall_tax&oldid=1250960222</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Corporate_taxation" title="Category:Corporate taxation">Corporate taxation</a></li><li><a href="/wiki/Category:Corporate_taxation_in_the_United_Kingdom" title="Category:Corporate taxation in the United Kingdom">Corporate taxation in the United Kingdom</a></li><li><a href="/wiki/Category:Corporate_taxation_in_the_United_States" title="Category:Corporate taxation in the United States">Corporate taxation in the United States</a></li><li><a href="/wiki/Category:Windfall_taxes" title="Category:Windfall taxes">Windfall taxes</a></li><li><a href="/wiki/Category:Tax_terms" title="Category:Tax terms">Tax terms</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:Use_mdy_dates_from_August_2023" title="Category:Use mdy dates from August 2023">Use mdy dates from August 2023</a></li><li><a href="/wiki/Category:Wikipedia_articles_in_need_of_updating_from_August_2024" title="Category:Wikipedia articles in need of updating from August 2024">Wikipedia articles in need of updating from August 2024</a></li><li><a href="/wiki/Category:All_Wikipedia_articles_in_need_of_updating" title="Category:All Wikipedia articles in need of updating">All Wikipedia articles in need of updating</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 13 October 2024, at 15:32<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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