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Italian windfall oil tax announced

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Italian windfall oil tax announced

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Shares in several of Italy’s oil refiners dropped on Thursday, one day after the Rome government approved a windfall tax on energy company’s profits from soaring crude prices. Oil producers will see their main corporate tax rate go up to 33% from 27%.

Under the changes, devised by centre-right Economy Minister Giulio Tremonti, the money raised from taxing oil companies will be used to fund the elimination of taxes on homes owned by poorer Italian households.