Italy shocks banks with 40% windfall tax for 2023
www.reuters.comItaly dealt a surprise blow to its banks and sent shockwaves across the sector in Europe by setting a one-off 40% tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits.
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Oh, so next year the banks will invest their profit or try to hide it in any way possible, to not lose 40%
Good? That’s sorta the point isn’t it. If they invest it back into their business it’s no longer profit.