Bloomberg Tax
June 17, 2022, 8:45 AM

Oil and Gas Super Profits Hit With New Windfall Taxes (Podcast)

Hamza Ali
Hamza Ali
Senior Reporter International Tax

More countries are turning to temporary windfall taxes targeting the huge profits being made by oil and gas companies as prices continue to climb.

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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.

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To contact the reporter on this story: Hamza Ali in London at

To contact the editors responsible for this story: Meg Shreve at; Vandana Mathur at