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BizTech

Italy announces windfall tax on banks

It's been a shaky week for banks in Italy otherwise known as the Bel Paese, which means beautiful country. Deputy Prime Minister Matteo Salvini announced a surprise 40% windfall tax on lenders' excess profits derived from higher interest rates. The government is hoping to offer financial support to mortgage holders in Italy, by cutting income from corporate taxes.

August 14, 2023