The Italian government has approved a €14bn energy aid package aimed at helping households and companies tackle soaring energy prices. The package notably includes bonuses, tax credits and tax cuts on energy.
The tax credit will reduce tax bills for companies in energy-intensive sectors by 25%, and by 15% for other companies that use more than 16.5 MW of power through September 2022. The credit will be increased to 40% in October and November 2022. Additionally, excise taxes on diesel and petroleum will be reduced until the end of November 2022 (details of this reduction have not yet been published).
The package also includes a one-time €150 bonus given to all Italian citizens earning less than €20,000/year, as well as a €190m aid to farmers struggling with high energy costs, and another €100m to help offset higher fuel costs for transit systems.
This latest package comes on top of the €52bn already budgeted by Italy since January 2022 to mitigate the energy crisis in the country.
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