Italy to Raise Energy Windfall Tax in €35 Billion Budget (1)

Italy has signed off on a €35 billion ($36 billion) budget law for next year which will raise a windfall tax on energy companies in order to expand aid to families and businesses hit by higher prices.

The new budget, the first presented by Giorgia Meloni’s right-wing administration, plans to increase the tax rate on additional profits made by selling energy to 35% from the current 25% until mid 2023, according to a government statement released early on Tuesday. In 2023, the tax will be calculated on additional net income declared by companies selling energy at higher prices, and ...