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Italian Parliament passes Italian Windfall Tax for banks

|Tax Alerts, Information Reporting, Legislation & Policy, National/Federal Taxation, Banking & Capital Markets|Italy
Italy
  • The Italian Parliament has approved, with amendments, the announced Italian Windfall Tax for Banks, affecting both Italian banks and Italian branches of foreign banks.
  • The main amendments to the Italian Windfall Tax for Banks relate to (i) determining taxable basis and (ii) the opportunity for the Banks, in lieu of the relevant cash out, to book a non-distributable reserve of at least two and a half times the payable amount of the tax.
  • The amended text of the Italian Windfall Tax was published in…

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