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Italy announces windfall tax on banks
04:34
Europe
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.
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