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In an aggressive move even as far as windfall profit taxes go, The Czech Finance Ministry proposed on Thursday a whopping 60% tax on excess profits in its energy sector, media reported.Finance ministe adidas sambarose r Zbynek Stanjura said at a Thursday news conference that the proposed tax would be on excess profits from the energy sector starting in 2023 through 2025, bringing in $3.4 billion next year, and $6 billion across the three years. The proposal requires parliamentary approval before it can be implemented.Affected companies would be electricity and gas producers, distributors, and traders, petrochem comp adidas samba adidas anies, wholesale fuel traders, and fossil fuel miners.The point at which profits become excess profits will be determined by averaging the earnings over the previous 4 years, plus 20%. Those years notably include the pandemic years.The windfall tax proposal is not the first to surface as countries attempt to counteract large deficits and runaway inflation, as well as to make the current energy environment more palatable for industry and citizens.In September, the European Commission proposed an EU-wide windfall tax of 33% of profits that  air force 1 exceed 20% above a three-year average for all fossil fuel companies. Argentina proposed a 15% tax on companies with profits of over 1 billion pesos  about $8.3 million  in 2022 whose profit margin is either more than 10% in real terms or is 20% higher than in 2021.The Czech government recently approved its 2023 budget draft with a deficit of about $ Skey Governor Reeves, Treasurer McRae Approve Deal to Save Taxpayers $36 Million
11th Circuit agrees Scruggs contempt charges should be vacated A federal appeals court has vacated contempt sanctions against a Mississippi lawyer accused of violating a judge   order demanding the return of documents involving Hurricane Katrina insurance claims.An 11th U.S. Circuit Court of Appeals panel agreed Tuesday with attorney Richard Scruggs that he was not under jurisdiction of U.S. District Judge William Acker of Birmingham, Ala., and therefore was not bound by Acker   injunction.Acker cited Scruggs and two whistleblowers for contempt and ordered them to pay $65,000 in attorney fees to an Alabama company that worked for State Farm Insurance Co. and sued in Birmingham after its records were taken.Scruggs, who was not involved in the lawsuit, had turned the documents over to Missi hoka winterschuhe ssippi Attorney General Jim Hood.AP7/21/9                            Share                                                                                       owala                                owala ca                                                                           About the Author s                                                                                                                                                       Magnolia Tribune                                                This article was produced by Magnolia Tribune staff.                                                                                                                              More Like This