Italian bank shares slide after govt surprises with windfall tax

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Italian Deputy Prime Minister Matteo Salvini announced on Monday a 40% levy on banks’ additional “surplus” revenue derived from better fascination prices.
The a single-off tax will be equal to all-around 19% of banks’ web profits for the 12 months, analysts at Citi approximated centered on at present obtainable facts.
“We see this tax as substantially unfavorable for banks supplied both equally the impact on funds and profit as perfectly as for price of equity of lender shares,” Citi stated.

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