Italy’s tax on bank profit continues to prove controversial


European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax.

Stefano Montesi – Corbis | Corbis News | Getty Images

Italy’s shock tax on banks continues to prove controversial, even as the government insists it can improve it.

Europe’s main bank stock index fell almost 3% on Aug. 8, after the Italian government announced plans to impose a 40% windfall tax on banks’ profits. The move caught traders off guard and sent shockwaves throughout the continent.

The market reaction and wide-spread backlash pushed Rome to tone down the plans within 24 hours.

Nearly a month later, the government is still studying how to make the measure work…


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