Italy to hit banks with 40 percent windfall tax

Politico

BY BEN MUNSTER AND HANNAH BRENTON
AUGUST 8, 2023 1:31 PM CET

Georgia Meloni is going after the banks.

In a move that surprised investors and political observers alike, Italy’s far-right government led by Prime Minister Meloni announced plans late Monday to slap a 40 percent one-off windfall tax on bank profits.

Italian lenders have been raking in huge benefits from higher interest rates on their loans at a time when ordinary people are struggling with the cost of living.

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