Czechs Are Preparing Windfall Tax to Finance Energy Subsidies

The Czech Republic is moving ahead with preparing a windfall tax on some industries as the government tries to secure funds to help people and businesses cope with surging energy bills.

The Finance Ministry is drafting a bill on potentially introducing what it calls a “war tax” on power companies, banks and fuel producers and distributors, Finance Minister Zbynek Stanjura said on Wednesday. The tax would target extraordinary profits caused by the effects of the war in Ukraine, such as the spike in energy prices and higher interest rates, he said.

The central European nation of 10.5 million is grappling …