Terna Says ‘Robin Hood’ Tax Will Cost 80 Million Euros in 2011
Stock Chart for Terna Rete Elettrica Nazionale SpA (TRN)
Terna SpA, Italy’s power grid operator, said an increased government levy on utilities dubbed the “Robin Hood Tax” will cost it 80 million euros ($110 million) this year.
The effect of the increase on the 2012-2015 period isn’t yet clear as the regulatory framework has still to be defined, the Rome-based company said today in a stock-exchange statement.
The law, passed in August and ratified by parliament yesterday, is part of the government’s austerity program. The profit tax is being raised to 10.5 percent from 6.5 percent. The changes will net the Italian government 1.8 billion euros in 2012 and 900 million euros in the following two years, according to a UniCredit report last month.
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