Italy eyes 5.7 bln euros from higher corporate tax

ROME, June 24 (Reuters) - Italy's government aims to raise 5.7 billion euros in extra revenue over the next three years by raising the main tax on corporate profits, hitting energy, banking and insurance companies.

The tax hike is one of the most controversial aspects of what Economy Minister Giulio Tremonti has called his public finances stabilisation plan.

Although the cabinet approved it last week, the targets underpinning the document were not issued until Tuesday, when they were posted on the Treasury's website.

The plan foresees a rise in the IRES -- the main tax on corporate profits -- from 27.5 percent to 33 percent. The increase has been dubbed by Tremonti as the "Robin Hood tax" because of he plans to use the extra revenue to help the needy.

Italy's energy companies have so far been among the first to give an idea of the impact it would have on their bottom line, saying it would cost hundreds of millions of euros.

Eni (ENI.MI: Quote, Profile, Research) Chief Executive Paolo Scaroni told reporters on Tuesday it would have an impact of less than 500 million euros on the oil giant.

After saying last week that it would have a "big impact" and cost hundreds of millions of euros, Fulvio Conti, chief executive of power utility Enel (ENEI.MI: Quote, Profile, Research), softened his tone on Tuesday, saying the hike would be "easily absorbed."

At a presentation of their latest business plan on Tuesday, Saras (SRS.MI: Quote, Profile, Research) executives said the oil refiner would remain profitable despite the tax hike, but they did not quantify the amount of extra tax to be paid.

Meanwhile, Assopetroli, an association of sellers and providers of energy products and services, urged the government to focus the tax hike on oil producers and refiners because distributors like petrol stations were not benefiting from the higher fuel prices. (Reporting by Gilles Castonguay; Editing by Tim Dobbyn)