The Italian Ministry of Economy and Finance clarified that the new tax on banks “establishes a maximum limit for the contribution that cannot exceed 0.1% of total assets”, a level substantially lower than initially estimated.
In a statement issued late on Tuesday, the ministry clarifies that the proposed measure, with the aim of safeguarding the stability of the banks, provides for a maximum limit for the contribution that cannot exceed 0.1% of total assets.
In this sense, it underlines that the tax base of the new tax will be determined based on the greater amount of the interest margin for the 2022 financial year that exceeds the same margin for the 2021 financial year by at least 5% and the amount of the interest margin of the account profit and loss for the year 2023 that exceeds the same margin by at least 10% in the year 2021.
In addition, the Italian Ministry of Economy and Finance guarantees that banks that have already adjusted the remuneration of deposits, as recommended by the Bank of Italy on February 15, will not suffer significant impacts as a result of the approved regulation.
At a press conference after the meeting of the Council of Ministers last Monday, the last one before the holidays, the Vice President of the Government and Minister of Transport and Infrastructure, Matteo Salvini, surprisingly announced the approval of “a rule of social equity” to tax “the extra profits of banks in 2023”, which caused the fall in the shares of Italian banks and European banks in the session on Tuesday.
Source: TSF
