Giorgia Meloni’s U-turn: Italy to amend controversial bank tax ...Middle East

Italy’s government has rethought its controversial windfall tax on banks after widespread criticism including from the European Central Bank, news agencies reported Saturday. Italian Prime Minister Giorgia Meloni (Reuters) Banks will be able to choose between paying the levy or boosting their non-distributable reserves — reserves which cannot be paid in dividends — by an amount equivalent two and a half times the tax, according to a proposed amendment. The amended text must be approved by parliament and could still change. Prime Minister Giorgia Meloni’s hard-right government announced last month it would levy a one-time 40-percent tax on banks’ “surplus profits” netted as a result

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Last updated : 23 September 2023 clock 07:48 PM

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Giorgia Meloni’s U-turn: Italy to amend controversial bank tax ...Middle East

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