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Italy Introducing Windfall Tax on Energy Companies — Orbitax Tax News & Alerts

The Italian government has reportedly approved a draft decree providing for the introduction of a package of measures to mitigate the impact of rising energy prices on individuals and businesses. This includes the introduction of a 10% windfall profit tax on energy companies that have reported increased profits in the period October 2021 to March 2022 as compared to the same period in the prior year, provided that increased profit is at least EUR 5 million with an increased profit margin of at least 10%. The 10% tax would be levied on producers and sellers of electricity, natural gas, and petroleum products. Further details will be published once available.