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Europe’s thriving businesses face mounting windfall tax hit

Levies which initially focused on banks and energy are now spreading into other sectors
Countries across Europe have imposed windfall taxes on various sectors. In Portugal, the government has targeted the food industry

European governments are increasingly turning to windfall taxes to balance their books and tackle public uproar over companies making high profits during the worst cost of living crisis in decades.

The Italian government’s surprise levy on banks on August 8 was the latest example of a trend that began when power prices surged in the wake of Russia’s invasion of Ukraine, delivering bumper revenues to energy companies.

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