In response to ongoing market fluctuations, the Indian government under Prime Minister Narendra Modi has announced a slight increase in the windfall tax on domestically produced crude oil and diesel.

India raises windfall tax on crude oil amid global market volatility

Italian banks Wednesday bounced back from the previous day's losses after the government limited a windfall tax to 0.1 percent of assets. The sector had shed around $10 billion Tuesday on an initial announcement of a plan by the far-right government of Giorgia Meloni to take 40 percent of "surplus profits" before the finance ministry stepped in to clarify and "preserve the stability of banking institutions" and calm a market storm.

Italian banks recover lost ground as Rome limits windfall tax

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates.

Italy govt shocks with 40 per cent windfall tax on banking sector, leading to share plunge

A recent report published by Oxfam and ActionAid shows that 722 of the world’s biggest corporations collectively earned more than $1 trillion in windfall profits each year since 2021.

World’s 722 biggest companies earning trillions in windfall profits: Report

The Indian government has provided some respite to the crude oil industry. The government has slashed windfall gains tax on domestic crude oil to nil from Rs 3,500 per tonne. The government also halved the tax on diesel exports to 50 paise per litre. The levies on the export of aviation turbine fuel (ATF) and petrol continue to be nil.

Why has India slashed the windfall tax on crude oil to zero?

Shell said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers.

Shell to 'evaluate' 25 billion pound British investments after windfall tax

In order to generate nearly 40 billion pounds ($45.55 billion) over the next five years, British Prime Minister Rishi Sunak and Finance Minister Jeremy Hunt intend to extend windfall taxes on oil and gas corporations, according to a report published in The Times on Wednesday.

UK plans to extend windfall taxes on energy firms; aims to raise $45.55 billion over five years

US President Joe Biden hit out at oil firms for posting bumper profits this year amid the Ukraine war, calling on them to increase production to help bring down gas prices at the pump or pay a windfall tax.

US President Joe Biden compares oil firms to war profiteers, threatens windfall tax

Despite achieving record global profits of about $30 billion (£26 billion) so far this year, Shell has paid zero windfall tax in the UK, sparking demands for the government to revisit a scheme that was meant to raise billions to address the cost of living problem.

Energy giant Shell paid no windfall taxes in the UK despite record-breaking worldwide earnings

Ursula von der Leyen, the head of the European Union (EU), has called for reductions in electricity consumption across the union and windfall taxes on energy companies to combat excessive prices.

EU chief calls for curbing electricity use, windfall taxes on energy firms to tackle high prices

There are growing calls for a windfall tax to be imposed on grain trading companies who profiteered amid soaring food prices around the world, following the Russian-Ukraine war.

Four global grain firms record profits amid food crisis, calls grow for levying of windfall tax

During the coronavirus (COVID-19) pandemic, data showed that food, fossil fuel and pharmaceutical companies have enjoyed massive profits. Now, the global head of Oxfam suggests that in the aftermath, such companies should be asked to pay windfall taxes on their excess income.

What is windfall tax? Oxfam says tax of $490bn on Covid profits could ease food crisis

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