Windfall Profit Taxes Across Europe: Have They Proved to be Effective for Taxing Windfall Profits in the Energy Sector?

In this article, the author provides details of the various windfall taxes that have been enacted in Europe in response to the increased profits of, in particular, the energy and banking sectors. The author describes the policy reasons that led Member States to agree on a windfall profits tax, how the tax has been implemented across European countries, the constitutional challenges and State aid issues that might arise in the context of EU law and various reasons for and against retaining such taxes.