Italy announces proposed one-time windfall tax for banks

09 August 2023|Tax Alerts, Legislation & Policy, National/Federal Taxation, Banking & Capital Markets|Italy

On 7 August 2023, the Italian Council of Ministers approved a Draft of Law Decree containing blended tax law provisions — Draft Blended LD — including the Italian windfall tax for banks (which is expected to apply both to Italian banks and to Italian branches of foreign banks).
The Italian windfall tax is a one-off tax, solely for fiscal year 2023, to be levied at a 40% rate on the increase of interest margin realized by banks over a monitoring period of one or two financial years, subject to a 5…

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