Slovak Lawmakers Increase Tax on Fossil-Fuel Companies

The Slovak parliament approved a proposal to increase the windfall tax on extraordinary profits of oil, gas and coal companies from 55% to 70% as the country seeks to boost budget revenue.

• The tax will apply to 2023 profits
• NOTE: Mol’s Slovak refinery Slovnaft has said the levy will cut the company’s funds necessary to invest in diversification from Russian to other sources of crude oil
• NOTE: The original 55% windfall tax was approved to apply only to 2022 profits

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Daniel Hornak in Bratislava at dhornak@bloomberg.net

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