Italy has published Law No. 136 of 9 October 2023 in the Official Gazette, which converts into law Decree-Law No. 104 of 10 August 2023 on urgent measures to protect consumers and promote economic and financial activities and strategic investments. As previously reported, one of the key measures is the introduction of a 40% tax on the excess profits of banks.
As amended by Law No. 136, the 40% tax is levied on the amount of the net interest margin related to the financial year prior to the…