(MENAFN) According to Reuters, which cited a draft of the country's 2023 budget, the Italian government intends to impose a 50 percent windfall tax on the income that energy corporations have received as a result of the increase in global oil and gas costs.
The portion of a company's 2022 income that is determined to be at least 10 percent higher than its average between 2018 and 2021, per the report, is going to be subject to it.
The tax, however, is going to have a limit of 25 percent of the net asset value of each corporation as of the end of 2021. According to the budget's provisions, the new tax is anticipated to affect around 7,000 corporations that produce and market natural gas, electricity, and petroleum products.
The Italian Treasury proposed a new draft budget last week, with a 35 percent tax rate instead of 50 percent, to be determined by earnings rather than income. The government now levies a 25 percent tax on energy corporations.
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