The Italian Government has approved the creation of a 40% tax on the extraordinary profits of banks. The money raised with the rate, limited to 2023, will go entirely to support mortgage payments and tax reductions.
The news has caused the fall of more than 8% of the shares of the main Italian bank, Intesa Sanpaolo, and 7% of the shares of UniCredit.
The rate has been included by surprise in the last decree approved by Giorgia Meloni’s executive before the summer vacation, since it did not even appear in the draft published by the press in the days prior to its approval.
The amount of the fee may not exceed 25% of the value of the net assets at the end of the year prior to the one in progress on January 1, 2023. In addition, it is not deductible for income tax and regional tax purposes. on economic activities.
According to Matteo Salvini, Vice President and Minister of Transport and Infrastructure, it is a consistent measure and it is a norm of social equality. “We are not talking about a handful of millions, but billions,” he assured.
Salvini also declared that “all the collection will go to two items: aid for first home mortgages and tax reductions” and explained that “the rise in ECB rates has caused an increase in the cost of money for households and companies” .
Bank of America has calculated that the Italian Government could raise between 2,000 and 3,000 million euros with the tax, which would serve to feed the next General Budgets.
Other measures were approved in the decree, such as the increase in taxi licences, the brake on the increase in the cost of flights and the waiver of the salary cap of 240,000 euros for the company in charge of building the Messina bridge, which will link the Italian peninsula. with the island of Sicily.
