Italy to Hike Tax on Profits of Energy Firms to Fund Aid Package

Italy is set to raise a tax on additional profits made by energy companies due to rising prices to help finance a new 14 billion-euro ($14.7 billion) aid package, according to people familiar with the matter.

The latest aid package, to be approved Monday, will provide further support to companies and consumers hit by surging energy costs, a trend that has been exacerbated by the prospect of reduced gas flows from Russia.

The measures will be partly financed with the unspent portion of 10 billion euros of borrowing that was unveiled in April and by increasing the tax on windfall ...