The Italy government announced a 40% windfall tax on banks😲

The negative sentiment continued in Europe where the Italian government shocked the markets with a new 40% windfall tax administered to bank profits thanks to rising deposit rates, setting a precedent for other regions to follow. Similar to UK's windfall tax on oil companies in 2021, governments have been turning increasingly aggressive on redistributing corporate profits to their dwindling fiscal coffers.

#Italy #Europe #markets #UK