Austria Boosts Energy Windfall Tax as Profit Debate Lingers

Austria plans to adjust a windfall tax on oil and gas companies so that it kicks in at lower profit levels, part of efforts to contain public discontent over growing corporate earnings at a time of rising living costs.

The levy that skims 40% of additional net income will apply to profits exceeding a pre-crisis average from 2018 to 2021 by more than 10%, compared with the 20% threshold in place until now, the government in Vienna said in a statement late Saturday.

“It’s not acceptable that energy companies profit from the crisis when clients are bombarded with horrendous bills,” ...