RE: Windfall Tax11 Aug 2023 16:46
"The Dept is aware of the range of levies of various types and duration that are in effect across the EU, and these have informed, and will help inform, its continuing work in this area. The outcome of this work would be reflected in Budget 2024" it's spokeman said.
Sole positive from this is once off windfall obviously not being contemplated. However, I would be very surprised if the incoming levy formula , replacing the existing which expires this year, is not much more onerous on existing Banks considering the loss in levies from KBC and Ulster Bank which the State would like to replace.
Apparently existing levy expected to raise 87million in 2023. This is chicken feed in context of PBT profits of 4.2billion- just 2% , notwithstanding banks contributing c.600 mill in corporate tax. imo markets will kick for touch until budget detail publicised in early october. RWC to occupy minds in the meantime.