Italy will increase the tax on energy companies from 25 to 35%
The Budget Law for 2023 approved today by the Italian Council of Ministers includes an increase in extraordinary profits tax of energy companies from the current 25% to 35% and until July 2023, as allowed by the EU regulation, reported today the Ministry of Economy.
Likewise, a tax is included on the extraordinary profits obtained by energy companies due to the increase in the price of energy, but not on turnover “but on net profit”, as indicated by the EU. Some energy companies had denounced this measure, already introduced in the previous government of Mario Draghi to raise funds and allocate them to families, before the Administrative Court of the Lazio region, which recently rejected the appeal.
It will be approved in Parliament before December 31
The Council of Ministers approved this morning the Budgets 2023 with an expense of 35,000 million euros considered “prudent in light of the current economic situation”, and most of which – some 21,000 million – will go to help families and businesses in the face of rising energy prices. The first Budgets of the Government of the ultra-right Giorgia Meloni will be presented as a bill for analysis, eventual amendment and approval in Parliament before December 31, as requested by Brussels. The details will be announced today by the Prime Minister at a press conference.
“The budget adjustment law is based on a prudent and realistic approach that takes into account the economic situation, also in relation to the international scenario, and at the same time sustainable for public finances, concentrating a large part of the available resources on interventions of support to homes and businesses to counteract expensive energy and rising inflation,” the final statement read.
The package will next year’s deficit rises to 4.5% of the gross domestic product (GDP) compared to the 3.4% forecast in September. The approved measures include a tax amnesty for debts of up to 1,000 euros, as well as the payment in installments of taxes not executed in 2022 without additional sanctions and interest for those who, due to the covid emergency, and given the difficulties economy could not pay the taxes. In tax matters, the single tax is extended to 85,000 euros for the self-employed, among other issues.
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