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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