Only certain industries were negatively impacted by the excess profits tax announced at the beginning of the summer, and those industries weren't even limited to the ones that profited the most (if at all) from adverse economic impacts and price increases. Banks, producers of crude oil and natural gas, producers of petroleum products and other energy producers are the entities that are forced to bear the brunt of the new burdens. In addition, excess taxes have been imposed on telecommunications, mining, retail and distributors of pharmaceutical products, accompanied by an increase in company car tax, public health product tax and excise taxes.
Only some of these excess profits taxes represent any sort of new liability, whereas the rest of them are based on existing liabilities. This basically translates into a tax increase in terms of mining fees, retail surtax, company car tax, excise taxes and public health product tax, and the same is true for the increased threshold for financial transaction tax and the extended scope of transactions subject to tax.
One of the most well-known new tax liabilities is the contribution of airlines, where the tax is levied on their ground handling providers, even though the costs are ultimately borne by the airlines themselves.
The table below summarises the deadlines for tax filing and payment, the tax base and tax rates for the excess profits tax liability:
Click on the image to enlarge the table.
