WINDFALL TAXES FOR WINDFALL PROFITS: A DELPHI APPROACH FOR WESTERN BALKANS 6 COUNTRIES
WINDFALL TAXES FOR WINDFALL PROFITS: A DELPHI APPROACH FOR WESTERN BALKANS 6 COUNTRIES
Author(s): Zana Radoniqi, Uran RadoniqiSubject(s): Public Finances
Published by: Universitatea SPIRU HARET - Faculty of Accounting and Financial Management
Keywords: energy crisis; fiscal policies; public revenues; renewable energy; Delphi technique;
Summary/Abstract: The energy crisis caused by the war in Ukraine has brought in the agenda of the most developed economies the need to introduce windfall taxes. Windfall taxes are not a new thing in policymaking since their application was very usual especially during crises. Although the application of windfall taxes has always caused great debates, it seems that the greatest economies do not compromise with the windfall profits. It was the September of 2022, when the European Commission announced that the European Union (EU) will start to implement windfall taxes for the companies which have experienced windfall profits due to the energy crisis. Following the practice of the EU, the windfall taxes have become part of the agenda in policy making even in some countries of Western Balkans 6 (WB6) , a region that aims to join the EU. Albania, North Macedonia and Montenegro have already introduced plans to apply windfall taxes, but Serbia, Kosovo and Bosnia & Herzegovina still have not introduced any action in this direction. Bearing in mind that the windfall profits are present also in these countries and the crisis is on high levels, this paper aims to analyze and argue the need for windfall taxes in this region. This study will employ Delphi Technique with 7 experts, to create a base for windfall taxes in this region. The paper concludes Western Balkans countries need to introduce windfall taxes for the energy companies to promote redistribution principles. The study also concludes that the whole region of WB6 needs to make fundamental reforms on promoting renewable energy since it is very dependent on coal based energy production.
Journal: Journal of Academic Research in Economics (JARE)
- Issue Year: 15/2023
- Issue No: 2
- Page Range: 464-472
- Page Count: 9
- Language: English
- Content File-PDF