Poland Prime Minister Announces Bill to Introduce Windfall Tax on Liquid Fuel Sector profits

The Polish Prime Minister’s Office May 19 announced Bill No. UD411, to introduce a windfall tax in the crude oil sector, due to the Middle East conflict. The bill includes measures to: 1) impose a temporary 75 percent tax on the extraordinary profits of entities that directly or indirectly conduct business in Poland involving the production, import, or intra-Community acquisition of liquid fuels, from March 1 to Dec. 31; 2) apply the tax to the portion of revenues exceeding the level corresponding to standard, historical market conditions; 3) specify the tax base as the excess revenues from the entity’s sale ...