Italy will refund domestic banks for some of the IRAP regional corporate tax they have already paid, Reuters reports, citing people familiar with the matter.
- Total cost expected to be about €1.5b
- Economy Minister Giancarlo Giorgetti said on Wednesday the state would use extra borrowing in next year’s budget to meet its obligations on court rulings
- Did not refer explicitly to the IRAP refunds
- NOTE:
Top EU Court Backs Italian Bank on Dividend Income Taxation
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