A Study On Windfail-Profits Tax In The International Investment Law

In recent years, international investment disputes arising from "windfall-profits tax" occur frequently.Whetherit constitutes indirect expropriation, and whether it’s a violation of "fair and equitable treatment" caused great concern. Thedifferent conclusions in recent awards make the "windfall-profits tax" related issues more complex. It’s of great significance to study these awards,both for the perfection of China’s state practice and the protection of Chinese overseas investments.This article consists of five chapters, besides the preface and the conclusion.Chapter1describes the typical legislation on "windfall-profits tax" in developed and developing countries,the background and the specific contents.Chapter2analyzes the legal nature of the "windfall-profits tax",namely whether it’s a tax. After analysis, this article argues that although the nature of "windfall-profits tax"vary in different national laws, it’s likely to be identified as a "tax" from the perspective of international law.Chapter3discusses whether the "windfall-profits tax" constitutes indirect expropriation. By analyzing the relationship between taxation and expropriation, this article argues that Ecuador’s "windfall-profits tax" may be considered indirect expropriation,although the international tribunals trend to the "windfall-profits tax" measures didn’t constitute expropriation.Chapter4discusses whether the "windfall-profits tax" breaches "fair and equitable treatment". By analyzing the relevant awards,this article argues that the "windfall-profits tax" measures may breach "fair and equitable treatment".Chapter5discusses the consummate of China’s practice. As the host state,China needs to consummate the investment treaties;for the Chinese overseas investors,they should pay more attention to the investment contracts.