A windfall tax refers to a tax imposed by governments on specific industries when they make more than average profits due to favourable economic conditions. The Tony Blair government first introduced windfall tax in the year 1997 in the UK.
*A windfall tax refers to a tax imposed by governments on specific industries when they make more than average profits due to favourable economic conditions.
* Windfall tax leads to an augmentation of the government's revenue.
* It helps the government to allocate more funds to the social sector and welfare programs.
* Windfall taxes include taxes on - gifts, winnings from game shows and horse racing, betting, lottery winnings, gambling, or inheritance.
Windfall tax leads to an augmentation of the government's revenue. It helps the government to allocate more funds to the social sector and welfare programs. Thus, to benefit an ordinary citizen, the government uses the proceeds from these taxes to improve civil infrastructure, healthcare facilities and educational infrastructure. The government also uses the revenues collected from the windfall tax to increase its spending on the defence sector.
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