Proceeds from levy on interest rate income will be used to help mortgage holders and cut taxes
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Italy has announced a one-off 40% windfall tax on local banks that have been accused of reaping billions in extra profit from rising interest rates.
The Italian government, which approved the surprise tax in a cabinet meeting on Monday night, said it planned to use the proceeds to support mortgage holders and cut taxes, at a time when rising rates have put extra pressure on households.
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