Oil and Gas Super Profits Hit With New Windfall Taxes

More countries are turning to temporary windfall taxes targeting the huge profits being made by oil and gas companies as prices continue to climb. The UK, Italy, and Argentina, among other countries, have taken different approaches in designing these new taxes. The UK and Italy want to impose a 25% tax on the profits of energy companies to help people facing a cost-of-living crisis, while Argentina wants to impose a 15% tax. On this episode of Talking Tax, senior reporter Hamza Ali spoke with Rhiannon Kinghall Were, a partner and head of tax policy at law firm Macfarlanes. They discuss the different approaches countries can take when applying windfall taxes, and possible long-term consequences of applying these temporary levies. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.