Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

Italian windfall oil tax announced

 Italian windfall oil tax announced
Euronews logo
Text size Aa Aa

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.