Italy tax hike on banks

ROME: Italy will raise over 1.8 billion euros over the next three years from an increase in tax on banks and insurance companies, the final version of its austerity budget shows.

The plan raises the corporate tax IRAP by 0.75 percentage points for banks and financial firms and raises it by 2 percentage points for insurance companies, the budget says.

The hikes will bring in 888.7 million euros in 2012 and 479.7 million euros in 2013 and in 2014, says the budget document, which has been obtained by Reuters.

Copyright Reuters, 2011