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<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, declared its Q2FY25 results today, announcing a one-time, exceptional profit of Rs 1,345 crore during the quarter, thanks to the sale of its entertainment ticketing business. The company's PAT (profit after tax) stood at Rs 930 crore. Notably, without this windfall gain, Paytm's finances would still be in red, with the company racking up losses worth Rs 415 crore. Paytm was in red in the year-ago period as well, incurring losses worth Rs 290.5 crore. This windfall profit also improved Paytm's EBITDA by Rs 388 crore on a QoQ basis. The company's revenue also saw a slight uptick of 10.5% quarterly to Rs 1,659 crore, as opposed to Rs 1,501 crore in the previous quarter. But on a year-on-year basis, Paytm's revenue dipped significantly by 34%. The company also announced that it has entered into a DLG (<keyword id="23641220" type="General" weightage="20" keywordseo="Default-Loss-Guarantee" source="keywords">default loss guarantee</keyword>) model for its merchant loans of about Rs 225 crore with SMFG India Credit. Under this arrangement, Paytm will be first in line to take a hit in case of a loss that emerges from borrowers defaulting or skipping their payments. "Following the regulatory framework and the emerging market practice, we see increased willingness from lenders to partner and allocate more capital in the default loss. The DLG model will help to increase disbursements with the existing partners and expand partnerships with new lenders for the loan distribution,” said the company in its earnings release today. The company's revenue from its payment business also inched up 9% on a quarterly basis, along with its revenue from <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, which also grew by 34% QoQ. At present, Paytm's total merchant subscriptions stand at 1.12 crore, with the company garnering 3 lakh new merchants during the quarter. During the previous quarter, Paytm's <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> (GMV) also inched up by 5% on a sequential basis, which experts anticipate will continue in the coming quarters, just as India braces for the festive season. Per its release, Paytm aims to achieve <keyword id="23641219" type="General" weightage="20" keywordseo="EBITDA-profitability" source="keywords">EBITDA profitability</keyword> (before ESOPs) by the fourth quarter of this financial year. However, investors remained unimpressed with Paytm's performance, with its share slipping by around 3.96% during the day to trade at Rs 697.20. The stock has a YTD (yield-to-date) of 7.91% during the year.

Paytm declares Q2 results, earns Rs 930 crore as windfall gains by way of sale of ticketing business to Zomato

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The government has hiked <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of <keyword id="20211970" type="General" weightage="20" keywordseo="special-additional-excise-duty" source="keywords">Special Additional Excise Duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>). The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil. The new rates are effective from March 1. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

<ul class="summary-list"><li>GeoStabilization International will share a $75 million pot with workers following its sale by KKR.</li><li>About 900 staff will get payments of up to $325,000 following the sale.</li></ul>The private equity industry has had a PR problem, facing accusations of <a target="_blank" href="https://www.businessinsider.com/the-deadly-sins-of-private-equity-2016-9">greed and elitism</a> — but some firms are now trying to do something about that.KKR, one of the biggest players, is selling a company called <a target="_blank" class="" href="https://www.businesswire.com/news/home/20240926128753/en/KKR-to-Sell-GeoStabilization-International-to-Leonard-Green-Partners">GeoStabilization International</a> to Leonard Green &amp; Partners.It will share $75 million of the proceeds with about 900 staff, mainly construction workers, at the geohazard mitigation and road safety services provider, KKR said.Depending on their role and tenure, those who joined GeoStabilization before last December will get payments of between three months of annual salary to more than three years. The longest-serving staff will get about $325,000. KKR is also offering personal financial coaching and tax preparation services to workers.Pete Stavros, its global cohead of private equity, has shown <a target="_blank" href="https://www.businessinsider.com/kkr-peter-stavros-private-equity-chi-overhead-doors-sale-2022-6">a commitment to offering equity to staff</a>. In April 2022, he launched <a target="_blank" rel=" nofollow" href="https://ownershipworks.org/">Ownership Works</a>, a nonprofit that promotes giving workers a stake in the businesses they work for.GeoStabilization was a "prime example of what ownership cultures can accomplish within the services sector and speaks to the power of an engaged workforce," Stavros said in a press release.Sales often trigger bonuses for senior management, but KKR has made similar awards to nearly 110,000 blue-collar employees in 50 companies since 2011.However, the sum being given to staff is less than 10% of the deal's reported $1 billion total. The sale gives KKR a return of five times the equity it invested in December 2018 and reflects a near-tripling of revenue and profits in that period.

900 workers will share a $75 million pot after KKR sale — with some getting $325,000 windfalls 

New Delhi, The government on Tuesday increased the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on <keyword id="19342328" type="General" weightage="20" keywordseo="jet-fuel-or-ATF" source="Orion">jet fuel or ATF</keyword> to nil from Rs 1, the notification said. SAED on export of petrol will continue to be zero. The new tax rates will come into effect from Wednesday. India first imposed <keyword id="2378386" type="General" weightage="20" keywordseo="windfall-profit" source="Orion">windfall profit</keyword> taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above USD 20 per barrel. Product cracks or margins are the difference between crude oil (raw material) and finished petroleum products. International crude oil prices averaged USD 90.17 per barrel in October. The levy on domestic crude oil dropped to nil in the first half of April as international crude oil prices fell but was back in the second half in step with a rise in rates. Levy on diesel became nil in April but the levy was brought back in August. Levy on ATF became nil in March and was brought back in second half of August. The export tax on petrol was scrapped in the very first review. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

New Delhi, The government on Tuesday cut special additional excise duty (<keyword id="2978612" type="General" weightage="80" keywordseo="saed" source="Orion">SAED</keyword>) on <keyword id="163117" type="General" weightage="20" keywordseo="crude-petroleum" source="Orion">crude petroleum</keyword> to Rs 9,050/tonne with effect from October 18. In the last fortnightly review on September 29, <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil was set at Rs 12,100/tonne. Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently. The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently. SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.

Govt cuts windfall tax on domestic crude, export of diesel, ATF

New Delhi [India], September 16 (ANI): In a bid to maintain equilibrium in the domestic and international fuel markets, the <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">Central Government</keyword> announced changes in the taxation structure for crude oil and petroleum product exports, effective from today. As per the <keyword id="1222399" type="General" weightage="80" keywordseo="gazette-of-india" source="Orion">Gazette of India</keyword>, the <keyword id="156153" type="General" weightage="80" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword>, <keyword id="208415" type="General" weightage="80" keywordseo="department-of-revenue" source="Orion">Department of Revenue</keyword>, issued two notifications, amending previous taxation rates. According to the notifications, the <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestic crude oil production has been increased significantly, while levies on the export of aviation turbine fuel (ATF) and diesel have been reduced. A tax levied on an unforeseen or unexpectedly large profit is called windfall tax. The windfall tax on domestic crude oil production has been raised from Rs 6,700 per ton to Rs 10,000 per ton. This move aims to capture a larger portion of profits from the surging crude oil prices, providing additional revenue for the government. The windfall tax on the export of aviation turbine fuel (ATF) has been decreased from Rs 4 per liter to Rs 3.50 per liter. This reduction is expected to make Indian ATF exports more competitive in the international market. The tax on the export of diesel has been reduced from Rs 6 per liter to Rs 5.50 per liter. This adjustment is aimed at boosting the export of diesel, potentially increasing revenue from international sales. These changes come as India navigates the complexities of fluctuating global oil prices and aims to strike a balance between reaping benefits from high crude oil prices and ensuring competitiveness in the international fuel market. The notifications, No. 30/2023-Central Excise and No. 31/2023-Central Excise, issued by the Ministry of Finance, will come into effect on September 16, 2023. The government expects these tax adjustments to have a positive impact on the nation's fiscal health and its position in the global fuel market. These amendments follow a series of recent changes in the taxation structure for petroleum products and are part of the government's efforts to adapt to the evolving economic landscape and maintain stability in the energy sector. (ANI)

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

The <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">Central</keyword> government has slashed the <keyword id="6934085" type="General" weightage="20" keywordseo="windfall" source="Orion">windfall</keyword> <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> production to zero from Rs 3,500 rupees per tonne, which became effective today, according to an official notification. The windfall tax on diesel has been slashed to Rs 0.5 per litre from Rs 1 per litre earlier. There is no windfall tax on petroleum, jet fuel, or aviation turbine fuel (ATF). Windfall tax is levied by the government on unexpectedly high profits companies earn. It was levied in July 2022 as high energy prices had led to high profits for oil producers. Since then, windfall taxes for crude oil have declined from Rs 23,250 per tonne in July 2022 to Rs 3,500 per tonne as of March 21. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/brahmastras-ayan-mukherjee-to-direct-war-2-hrithik-roshan-confirmed-for-lead-role/articleshow/99236228.cms">Brahmastra's Ayan Mukherjee to direct War 2, Hrithik Roshan confirmed for lead role</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/world-bank-cuts-indias-gdp-growth-to-6-3-for-2023-24/articleshow/99236772.cms">World Bank cuts India's GDP growth to 6.3% for 2023-24</a>

Govt removes windfall tax on crude oil production, cuts for diesel

The government on Tuesday cut the windfall tax on <keyword id="14320568" type="General" weightage="20" keywordseo="domestically-produced-crude-oil" source="Orion">domestically produced crude oil</keyword> while increasing the rate on export of diesel and jet fuel (ATF) in line with rise in international oil prices. The tax on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was cut to Rs.9,500 per tonne from Rs.11,000, beginning November 2, a government notification showed. In the fortnightly revision of windfall tax, the government hiked the rate on export of diesel to Rs.13 per litre from Rs 12 per litre. The levy on jet fuel too was increased to Rs.5 a litre, from Rs 3.50. The levy on diesel includes Rs 1.50 per litre road infrastructure cess (RIC), the notification showed. When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. But the tax on petrol was scrapped in subsequent fortnightly reviews. While the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> is calculated by taking away any price that producers are getting above a threshold, the levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference of international oil price realised and the cost. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs.6 per litre (USD 12 per barrel) each were levied on petrol and aviation turbine fuel and Rs.13 a litre (USD 26 a barrel) on diesel. A Rs.23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied. The duties were partially adjusted in the previous rounds on July 20, August 2, August 19, September 1, September 16, October 1 and October 16. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/property-prices-rise-6-in-top-8-cities-delhi-saw-the-highest-rise-colliers/articleshow/95559207.cms" style="">Property prices rise 6% in top 8 cities, Delhi saw the highest rise: Colliers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bombay-hc-orders-fresh-testing-of-johnson-johnson-baby-powder-allows-company-to-manufacture-but-not-sell-it/articleshow/95558790.cms" style="">Bombay HC orders fresh testing of Johnson &amp; Johnson baby powder; allows company to manufacture but not sell it</a>

Windfall profit tax on crude oil hiked, levy on export of diesel cut

The government has hiked the windfall profit tax on the export of diesel to ₹1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as <keyword id="64243" type="General" weightage="80" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) has been reduced to Rs 3,500 per tonne from Rs 4,400 per tonne, the order dated March 20 said. The government raised the tax on export of diesel to Re 1 per litre from Rs 0.50, and the same on overseas shipments of ATF remains at nil. The new tax rates come into effect from March 21, the order said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied. The export tax on petrol was scrapped in the very first review and that on ATF was done away with at the last review on March 4. <keyword id="6487" type="General" weightage="80" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed <keyword id="6594278" type="General" weightage="80" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are primary exporters of fuel in the country. The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-deepens-tech-gloom-as-503-firms-lay-off-1-5-lakh-employees-this-year/articleshow/98855180.cms">Amazon deepens tech gloom as 503 firms lay off 1.5 lakh employees this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/three-out-of-four-premium-smartphones-sold-in-2022-were-an-iphone/articleshow/98855033.cms">Three out of four premium smartphones sold in 2022 were an iPhone</a>

Windfall tax on diesel export hiked to ₹1 per litre

<ul><li>Starting your <keyword id="4147449" type="General" weightage="20" keywordseo="tax-investments" source="Orion">tax investments</keyword> early gives you time to do proper <keyword id="136807" type="General" weightage="20" keywordseo="tax-planning" source="Orion">tax planning</keyword> </li><li>When you invest early, your investments get more time to grow and therefore you can reap the benefit of the power of compounding</li><li>Leaving your tax investments for the end of the financial year may lead to rushed tax-saving investments that may not align with your financial goals</li></ul>If you have opted for the <keyword id="8706677" type="General" weightage="20" keywordseo="old-tax-regime" source="Orion">old tax regime</keyword>, you have several tax-saving options to choose from. If you are employed, you would need to make a declaration of your tax-saving investments to your company at the beginning of the financial year, so that the company can factor in your tax rebates while deducting at source. However, you have time till March 31 of 2025 to make those investments, or slightly earlier, when your employer asks for proof. Many of us tend to postpone our tax-saving investments till the last quarter of the financial year. As a result, we might be forced to make rushed decisions before the financial year ends and that is not a wise thing to do. Here is why you should start your tax-saving investments now and not wait any further. Maximising tax savings By initiating your tax-saving investments early in the financial year, you open the door to several opportunities for maximising tax deductions. “Whether it's channelling funds into ELSS mutual funds or committing to long-term fixed deposits, early investment allocation sets the stage for tax savings while simultaneously helping you to invest for future aspirations — be it retirement, educational, homeownership and so on,” says Abhishek Soni, CEO, Tax2Win, an income tax portal. Systematic investment approach Investing in tax-saving instruments shouldn’t just be for the purpose of saving taxes. Your tax-saving investments need to be aligned with your financial goals. Starting your tax investments early gives you time to do proper tax planning. “Through avenues like SIPs (Systematic Investment Plans), you can cultivate a habit of regular contributions, steadily building your investment portfolio over time. This disciplined approach provides financial stability,” says Soni. Also, if you leave your tax-saving investments till the end of the financial year, you may be short of cash and not have enough money to make adequate tax-saving investments. “Starting investments early fosters a culture of prudent saving and investment,” says Archit Gupta, Founder and CEO, Cleartax. Harnessing the power of compounding When you invest early, your investments get more time to grow and therefore you can reap the benefits of the power of compounding. This would apply to any investment under section 80C like a public provident fund (PPF) or equity-linked savings scheme (ELSS). “By initiating investments early rather than later, you facilitate the organic growth of your portfolio over time. This growth not only accrues returns on your principal sum but also compounds returns on the profits accumulated in preceding years,” says Gupta. Suppose you want to invest ₹60,000 in ELSS. A SIP of ₹5,000 for 12 months, will give you more returns compared to investing a lump sum of ₹60,000 in February or March before the financial year ends, where your investment will just start earning returns. Capitalising on incentives For many, April-June is the season of appraisals and incentives — a windfall that can be used for tax planning purposes. Redirecting these bonuses or raises toward tax-saving investments is a wise idea, lest you spend it on something you do not really need. Overall, tax planning should be a constant endeavour throughout the financial year for the long-term success of your financial goals, and should not be a one-time decision towards the end.

Why you should start your tax-saving investments now and not wait any further

<ul class="summary-list"><li>Russian lawmakers are poised to approve a temporary <keyword id="14374861" type="UNKNOWN" weightage="60" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on its state-run <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> giant.</li><li><keyword id="13275170" type="UNKNOWN" weightage="60" keywordseo="gazprom" source="Orion">Gazprom</keyword> would pay an extra 1.25 billion rubles, roughly $22 billion, from September to November.</li></ul>Russian lawmakers moved closer to approving a one-time windfall <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword> on its state-run energy giant as <keyword id="11894552" type="UNKNOWN" weightage="60" keywordseo="prices" source="Orion">prices</keyword> for natural gas have soared.A mineral extraction tax cleared the lower chamber of <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s parliament but still needs approval from the upper chamber. It would bring in an additional 1.25 trillion rubles from September to November, or about $22 billion. The legislation comes as natural gas prices soar across the globe in response to Russia's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>. European gas prices have skyrocketed in the five months since the outbreak of war, spurring a potential energy crisis as the EU moves to secure alternative supplies to wean off Russian dependence. But even as Western and European sanctions take aim at Moscow's exports, Gazprom is still enjoying exceptional profits from the rise in prices. Russia is earning more now than it did before its invasion of Ukraine. The windfall tax, if fully approved, will re-circulate proceeds from Gazprom to the government as opposed to shareholders. The Kremlin is the Gazprom's largest shareholder.Meanwhile, the Kremlin is simultaneously <a href="https://markets.businessinsider.com/news/currencies/russias-ruble-moscow-weaken-currency-ukraine-sanctions-war-2022-6">trying to weaken its native ruble</a> from a mid-year surge that has made its exports less competitive globally.

Russia eyes $22 billion in windfall tax revenue from Gazprom amid skyrocketing natural gas prices

<ul><li>The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000.</li><li>The government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre. </li><li><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> first imposed windfall profit taxes on July 1. </li></ul> The government on Saturday hiked the windfall profit tax on the export of diesel to ₹ 12 per litre and that on jet fuel exports to ₹ 3.50 a litre with effect from October 16. The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000. After lowering the tax rates for two consecutive fortnights mirroring fall in global crude prices, the <keyword id="47209" type="General" weightage="50" keywordseo="finance-ministry" source="Orion">finance ministry</keyword> has brought about a hike in export taxes on crude, diesel and <keyword id="44833" type="General" weightage="100" keywordseo="atf" source="Orion">ATF</keyword>, in its latest review. At the seventh fortnightly review, the government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at ₹ 3.50 per litre, from nil, finance ministry said in a notification. While private refiners <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> and Rosneft-based <keyword id="6594278" type="General" weightage="50" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are the principal exporters of fuels like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and Vedanta Ltd. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/us-offer-to-help-india-in-chip-manufacturing-just-lip-service-china/articleshow/94882797.cms">US offer to help India in chip manufacturing just lip service: China</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/rishab-shettys-kantara-becomes-highest-rated-indian-film-beats-kgf-2-rrr/articleshow/94862419.cms">Rishab Shetty's 'Kantara' becomes highest-rated Indian film, beats 'KGF 2', 'RRR'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/byd-atto-3-receives-5-stars-in-ncap-crash-test-ahead-of-india-sale/slidelist/94861839.cms">BYD Atto 3 receives 5 stars in NCAP crash test ahead of India sale</a>

Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

<ul><li>The Biden administration wants to quadruple the stock buyback tax to 4%.</li><li>A 1% tax on stock buybacks was introduced in 2023, but it has not slowed the pace of buyback programs.</li><li>An estimated $1 trillion in stock buybacks are on schedule for 2025, according to Goldman Sachs.</li></ul>The Biden administration wants to quadruple taxes on corporate stock buybacks. Ahead of President Joe Biden's State of the Union address, the White House <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-is-fighting-to-reduce-the-deficit-cut-taxes-for-working-families-and-invest-in-america-by-making-big-corporations-and-the-wealthy-pay-their-fair-share/" target="_blank" rel="noopener">put out a fact sheet</a> detailing some of the initiatives that will be discussed.One of those initiatives includes "quadrupling the stock buyback tax" to 4% from 1%."President Biden would quadruple the stock buyback tax from one percent to four percent to address the continued tax advantage for buybacks and encourage corporations to invest in productivity and the broader economy rather than windfalls for investors," the White House said.The <a href="https://markets.businessinsider.com/news/stocks/stock-buyback-tax-investing-analysis-market-strategy-democrats-joe-biden-2022-8#1-apple-1">first-ever tax on stock buybacks went into effect in 2023,</a> and is estimated to have raised about $8 billion in tax revenues in its first year.The 1% tax has done little to slow down the pace of stock buybacks, and Goldman Sachs estimates that <a href="https://markets.businessinsider.com/news/stocks/us-stock-buyback-record-forecast-cash-tech-earnings-growth-goldman-2024-3">there will be a record $1 trillion worth of buybacks in 2025.</a> If Goldman Sachs is accurate, $10 billion in taxes would be raised in 2025 from the stock buyback tax, and if Biden gets his way, that tax bill would jump to $40 billion.Stock buybacks are a tax-efficient way for companies to return capital to shareholders, as opposed to dividends, which get double taxed: first when a company pays taxes on its profits, and again when investors pay an income tax on their dividends. The 1% tax rate on stock buybacks is tiny compared to the Federal income tax rate investors pay on dividends, which can range anywhere from 10% to 37% depending on the amount of income.The Biden administration is seeking to close the tax advantage of stock buybacks relative to dividends. But with a split Congress and looming Presidential election, the tax hike proposal from Biden has slim chances to turn into a law anytime soon. Some of the biggest stock buyback programs come from mega-cap tech companies. In February, Meta Platforms announced a $50 billion stock buyback program, which will raise $500 million in taxes. That tax bill would surge to $2 billion if the 4% stock buyback tax is implemented. Regardless of the taxes, companies appear adamant about returning excess capital to shareholders, both via stock buybacks and dividends. <a href="https://www.businessinsider.com/meta-zuckerberg-dividend-stock-buyback-growth-shareholder-returns-buffett-berkshire-2024-2#:~:text=Meta's%20new%20dividend%20and%20large,up%20for%20notifications%20from%20Insider!">Meta and Salesforce are two tech companies that recently initiated a dividend</a> for the first time in their history.

You Searched For "windfall tax" and got 14 results

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Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

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Govt cuts windfall tax on domestic crude, export of diesel, ATF

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Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

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Russia eyes $22 billion in windfall tax revenue from Gazprom amid skyrocketing natural gas prices

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Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

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The Biden administration wants to quadruple taxes on stock buybacks

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