Italy Introducing Windfall Tax on Energy Companies

The Italian government has reportedly approved a draft decree providing for the introduction of a package of measures to mitigate the impact of rising energy prices on individuals and businesses. This includes the introduction of a 10% windfall profit tax on energy companies that have reported increased profits in the period October 2021 to March 2022 as compared to the same period in the prior year, provided that increased profit is at least EUR 5 million with an increased profit margin of a…