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Govt to present budget to parliament

Windfall tax to be raised to 50%

(ANSA) - ROME, NOV 28 - Premier Giorgia Meloni's government is set to present its 2023 budget bill to parliament on Monday.
    The package features 35 billion euros' worth of new measures, with around 21 billion devoted to helping families and firms cope with soaring energy prices.
    A draft of the bill, which must be approved by the end of the year, was made up of 16 chapters and 156 articles.
    A windfall tax on the extraordinary profits of energy companies has been increased to 50% of the profits of 2022 in excess of the average fort the 2018-21 period.
    This regards around 7,000 companies involved in the production, sale or importation of energy and should generate around 2.56 billion euros in revenue.
    The package cuts income tax for people earning up to 35,000 euros by two percentage points and for those on under 20,000 by three points.
    It raises the maximum threshold of the 15% flat tax for the self-employed for those on up to 65,000 euros a year to 85,000.
    The citizenship-wage minimum-income benefit is set to be abolished for people considered fit for work at the end of next year.
    The bill also makes it easier for people to retire early.
    It brings in the 'Quota 103' system which makes it possible for people to start claiming their State pension at the age of 62 if they have 41 years of social-security contributions (ANSA).
   

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