Business Maverick: Italy Prepares 50% Windfall Tax on Energy Firms’ Excess Gains

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Italy plans to apply a 50% one-off windfall tax on the extra revenue made by energy companies, according to the text of the proposed budget law obtained by Bloomberg.

The new budget presented by Premier Giorgia Meloni’s right-wing administration is making its way through parliament and must be approved by the end of the year.Italy has already introduced a 25% tax on company gains, a levy that Eni SpA said was costing the oil giant €1.4 billion .

Meloni’s doubling of the tax is meant to show voters she means business in not giving big companies breaks when citizens are having trouble paying their energy bills.

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