The Austrian Chamber of Labour (AK) and the Austrian Trade Union Federation (ÖGB) developed a model for taxing excess profits in the energy sector. It provides for taxation of 60% to 90%, limited to the years 2022 to 2024. There should be an immediate and full deduction option for investments in renewable energy sources. From the estimated annual excess profits of around 4 to 5 billion euros during the period of validity, the AK-ÖGB model would deduct 1 billion to 1.5 billion euros for investments in renewables and skim off another 1.5 billion to 2.2 billion euros per year to finance anti-inflation measures.

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Dominik Bernhofer

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