Italy has published Decree-Law No. 104 of 10 August 2023 in the Official Gazette, containing urgent measures to protect consumers and promote economic and financial activities and strategic investments. As previously reported, the Decree-Law includes, among other things, a 40% tax on the excess profits of banks. The 40% tax is levied on the higher of:
- The amount of the net interest margin related to the financial year prior to the year in progress on 1 January 2023 (i.e., the 2022 financial…