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    Italy mulls extra taxes for energy firms: press

Summary

Italy and other European countries are looking at steps to shield consumers from soaring wholesale gas and power prices.

by: Joseph Murphy

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Complimentary, Natural Gas & LNG News, Europe, Political, Tax Legislation, News By Country, Italy

Italy mulls extra taxes for energy firms: press

Italy's government is considering an increase in corporate taxes for energy companies that have benefited from soaring power prices, its industry minister Giancarlo Giorgetti was quoted as saying by Reuters on January 12.

Italy and other European countries are looking at steps to shield consumers from soaring wholesale gas and power prices, and extra taxes on energy suppliers have been proposed as a means of raising the necessary funds.

"I think the government will go in that direction," Giorgetti said at a conference on energy prices, according to Reuters. "The extra profits must somehow contribute to general taxation to allow measures to be taken to help the less well-off."

Spain has already announced plans for a windfall tax on energy generators and traders, and the UK government has said it considers the option on the table.