Senate panels on Wednesday green lit
a change to the government's controversial 40% windfall tax on
bank's excess profits that allows them to opt instead to boost
their assets, avoiding the tax.
The tax was announced with fanfare by Premier Giorgia Meloni
last month but caused market turmoil and an outcry that produced
an initial U-turn, applying the tax to just 1%of assets.
But this did not stop the criticism, which has produced the
latest big modification to the norm.
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