Finance Minister Alexander Chikwanda has in the past called advocates of the windfall tax
I cannot see how a windfall tax
will help the average family over the coming winter.
* Windfall tax
calculation = 23% x [(365 x (P / D) x 9) - FV], where the windfall tax
rate is 23%, P equals the amount of the total profits for the company's initial period, D equals the number of days in the company's initial period, and FV equals the notation value (i.e., selling price)
Should the winning bidder sell the unit at, say, NT$300 million within one year, he or she will have to pay a windfall tax
amounting to NT$90 million at 30% tax rate.
The Treasury is believed to be drawing up plans for a one-year windfall tax
on bonuses paid to some UK-based bankers, and the plan is expected to be announced this week.
On the prospect of a windfall tax
, he said he did not want to damage the financial services industry, which employed more than one million people across the UK.
QUITO: Spain s Repsol-YPF oil company has paid Ecuador 88.9 million dollars in back windfall taxes
, a fraction of the 444 million Quito has requested, Oil Minister Derlis Palacios said Friday.
Over and above the 25% windfall tax
, introduced in April 2008, the finance ministry also slapped on a 15% variable profit tax on income above 8% of sales, raised mineral royalties from 0.6% to 3% and corporate tax from 25% to 30%.
OIL giants Royal Dutch Shell have revealed record annual profits of pounds 22 billion - sparking new calls for a windfall tax
on energy firms.
Despite the fourth quarter pressure, unions said there remained a compelling case for a windfall tax
on energy companies.
The Prime Minister is to unveil proposals to help around ten million households with loft insulation, a new boiler and double glazing, but not to impose a windfall tax
on fuel companies, according to reports last night.
THE Government is finally expected to unveil a fuel poverty package tomorrow but without a windfall tax
on energy companies' profits.