A special levy applies to the production of oil and gas and the cheap production of electricity from water or wind. The “Krone” analyzes who has to pay that now and why the exact income is so difficult to estimate.
For Vice Chancellor Werner Kogler, it is a kind of “war dividend” that is now taxed. Finance Minister Magnus Brunner emphasizes that he is against state intervention in principle, but that this is an “exceptional situation”.
Energy giants pay billions
Essentially, the government is following EU guidelines with its “Energy Crisis Contribution”, of which Austria was a co-decision maker. Companies that benefit disproportionately from increased energy prices must return part of these excess profits (or “casual profits”). Multibillion-dollar aid to households and businesses must be matched by revenues. The special taxes are limited to the end of 2023.
What does the Austrian model look like and who should pay?
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
