The key to the government’s decision about the future of the windfall tax is the overall balance sheet of all extraordinary income and expenditure. For the year 2023, determine five extraordinary expenditures for compensation of energy prices, and the difference between the two extraordinary items will thus be in deficit. However, if in 2024, thanks to the additional income from the windfall tax, the overall budget will have a neutral impact, the tax will be reduced this year, Stanjura said.
In any case, the windfall tax will not be extended. It was introduced with the sole purpose of fully covering extraordinary expenses, not to become a blind source of budget for compensating bank expenses, the Minister of Finance added.
The so-called windfall tax was imposed by the state on energy, petrochemical and construction companies and on large banks. He attributed this to their unequal incomes as a result of the sharp increase in energy prices, in the case of banks, especially the annual rates.
Energy producers also pay a levy on income for expensive electricity, not thresholds are set by the government according to individual energy sources. Collection of this tax was 25.8 billion crowns at the end of January. So far, the central government has collected 17.3 billion crowns from the levy from excessive income from the production of electronics.
In the August forecast of fiscal revenues, the Ministry of Finance stated that this year the state will collect 46 billion crowns from the windfall tax. The deduction from excessive income from energy companies should add 18.5 billion crowns to the state budget this year.
Materil assumed that the levy from excess income will reach 200 million crowns in five years, in 2025 it will be zero. The state should collect 17 billion crowns from the windfall tax in the fifth year and ten billion crowns in 2025.