Economy

Scrap of windfall tax 2024

September 23 , 2024 4 days 99 0

The government scrapped the windfall tax on domestically produced crude oil.
The tax, imposed as a Special Additional Excise Duty (SAED), was reduced from Rs. 1850 per tonne to nil.
This is the second time since the tax was introduced in July 2022 that it has been reduced to nil.
The last time the SAED was reduced to zero was on April 4, 2023.
Windfall tax is levied by governments when an industry unexpectedly earns large profits, mainly due to an unprecedented event.