Corporate taxation in the United States

The government appears determined to reimpose a windfall tax on what it considers excessive profits in the wholesale electricity market, where prices have been rising again, even without the approval of the European Union.

As before, the tax will be used to subsidize households' and businesses' electricity bills.

The chief executive officer of Helleniq Energy, Andreas Shiamishis, referred on Thursday to the imposition of an extraordinary levy on the refineries' excessive profits, saying that its amount is not yet known and that it will not affect the dividend of 2023 but of 2024 and 2025.

The high retail prices and the increased international coffee rates have forced the government not only to extend the value-added tax rate reduction to 13% but to make it permanent.

The National Economy and Finance Ministry announced on Thursday the imposition of a temporary solidarity contribution of 33% on the excess profits of refining companies based on their results for tax year 2023.

The government plans to introduce a bill to parliament later this week, aiming to raise additional 226 billion Turkish Liras ($7 billion), equal to about 0.7 percent of gross domestic product, in tax revenues.

The new tax package foresees increases in taxes on multinational and local companies as well as other taxes.

Greece's two oil refineries, HELLENiQ Energy and Motor Oil paid a first installment of a one-off windfall tax on their 2022 profits in July, officials have told Kathimerini. 

The windfall tax was imposed by the European Commission for all bloc members and it adds up to 33% on those 2022 profits that exceed the refiners' 2018-2021 average by 20%. 

The Organisation for Economic Cooperation and Development (OECD) has failed in its efforts to reform the international tax system despite several deals in recent years, the Tax Justice Network said yesterday, calling for the United Nations to take over responsibility.

Leaders of the world's biggest economies on Oct. 30 endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.

US Treasury Secretary Janet Yellen has called for a global minimum corporate tax rate for companies that work internationally.

United States are working with G20 nations to agree to a global minimum corporate tax rate that can stop the downstream said the Secretary to the Chicago Council on Global Affairs.