Italy plans to apply a 50% one-off windfall tax next year on surplus income of energy companies that have benefited from the surge in oil and gas prices, a draft of the government's 2023 budget seen by Reuters showed on Monday.
The levy has a rate equal to 50% of the part of 2022 corporate income which is at least 10% higher than the average income reported between 2018 and 2021. It has a ceiling equal to 25% of the value of net assets at the end of 2021.
The scheme is different from the way it was outlined by the Treasury only last week. That version envisaged a 35% tax running from January until July 2023 and calculated on energy companies' net profit, rather than income as in the latest draft.
Italy applies 50% windfall tax on energy companies' extra income
- by: Giuseppe Fonte
- 11-28-2022
- Source:
Reuters
- 11/29/2022
silhouette of wind turbines during sunset by Anna Jiménez Calaf is licensed under Unsplash unsplash.com
silhouette of wind turbines during sunset by Anna Jiménez Calaf is licensed under Unsplash unsplash.com
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