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Italy to Raise Energy Windfall Tax to Finance €35bn Budget Heritage Times

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    Italy to Raise Energy Windfall Tax to Finance €35bn Budget Heritage Times

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    Italy to Raise Energy Windfall Tax to Finance €35bn Budget Heritage Times

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    Italy to Raise Energy Windfall Tax to Finance €35bn Budget Heritage Times

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    Italy to Raise Energy Windfall Tax to Finance €35bn Budget Heritage Times

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Italy To Raise Energy Windfall Tax To Finance €35bn Budget

November 22, 2022
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By Oyintari Ben

In order to increase energy aid relief for individuals and businesses, Italy has approved a €35 billion ($36 billion) budget law that proposes to levy a windfall tax on additional profits produced by energy-selling enterprises.

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According to a government statement issued during a late-night cabinet meeting on Monday, the new budget, which is the first to be presented by Giorgia Meloni’s right-wing government, intends to raise the tax rate on additional energy earnings from the current 25% to 35% in 2023, in accordance with European Union rules.

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The law that the cabinet licensed is currently the subject of extensive parliamentary review and is yet open to revision before being officially approved.

In addition to the almost €75 billion previously spent by the government to maintain the economy, more than €21 billion of the budget will be devoted to assistance for households and companies dealing with excessive energy prices.

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Giancarlo Giorgetti, the finance minister, told parliamentarians in Rome earlier this month that while Italy’s economic output increased by 0.5% in the third quarter, a decline is anticipated in the following three months.

The remaining funds will be used for additional initiatives, such as extending a flat tax rate on earnings up to €85,000 for independent contractors and lightly reviewing the current pension systems.

A highly polarizing choice that is expected to spark political debate is the government’s proposal to gradually repeal a citizen income that was implemented by the Giuseppe Conte administration.

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