What does windfall tax mean?

Definitions for windfall tax
wind·fall tax

This dictionary definitions page includes all the possible meanings, example usage and translations of the word windfall tax.

Wikipedia

  1. Windfall tax

    A windfall tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry. There have been windfall taxes in various countries across the world, including Mongolia, Australia, and on wind power in Turkey.

Wikidata

  1. Windfall tax

    In Australia, windfall tax may refer to either: ⁕Commonwealth places windfall tax, imposed under the Commonwealth Places Windfall Tax Act 1998 and the Commonwealth Places Windfall Tax Act 1998 ⁕Franchise fees windfall tax, imposed under the Franchise Fees Windfall Tax Act 1997, Franchise Fees Windfall Tax Act 1997, and Franchise Fees Windfall Tax Act 1997 In both cases, windfall tax originates in High Court decisions that certain state taxes were unconstitutional. Thus, the States were required to repay to the taxpayers the amounts previously collected under these unconstitutional taxes. The purpose of the windfall taxes were to treat these repayments as income to the taxpayer, and impose a Commonwealth tax upon that income at a rate of 100%. Thus, even though the tax laws in question had been declared unconstitutional, the taxpayers effectively did not receive any repayments; rather, the amounts due back to them from the States were taxed by the Commonwealth. The Commonwealth would then repay these amounts to the States, with the result that the States were not in any financial disadvantage.

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Numerology

  1. Chaldean Numerology

    The numerical value of windfall tax in Chaldean Numerology is: 5

  2. Pythagorean Numerology

    The numerical value of windfall tax in Pythagorean Numerology is: 9

Examples of windfall tax in a Sentence

  1. Padme Amidala:

    So this is how liberty dies… with thunderous applause. - Padme Amidala - Tory MPs have voted down a bid to impose a windfall tax on oil and gas giants that could save families £600. Despite Brits facing a cost of living crisis, Conservatives rejected a Labour amendment to the Queen's Speech backing a one-off levy on North Sea firms to help struggling Brits. MPs rejected the move by 310 votes to 248, and not one Tory MP backed it.

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"windfall tax." Definitions.net. STANDS4 LLC, 2024. Web. 23 Dec. 2024. <https://www.definitions.net/definition/windfall+tax>.

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