In the energy crisis, Italy wants to skim off 50 percent of the excess profits when large corporations have unusually high revenues. This emerges from a draft by the government in Rome for the 2023 budget. Companies benefiting from higher oil and gas prices, which have soared since the Russian attack on Ukraine in late February, are likely to be hurt. The Italian government expects the tax to generate revenue of a good 2.5 billion euros. This is based on the specifications of the European Commission and replaces a similar special levy for this year. The 50 percent should take effect if a company’s income in the energy sector in 2022 is at least ten percent above the average level for the years 2018 to 2021.
Energy – Italy plans excess profit tax – Economy
