2023-08-08 14:38:34
The Council of Ministers of Italy has announced a new tax that will tax 40% of extraordinary bank profits, the collection of which will be used to help mortgagees and reduce the tax burden on citizens, as announced by the Vice President of the Government of Italy and Minister of Transport and Infrastructure, Matteo Salvini.
Salvini defended the introduction of the extraordinary tax on banks because the rise in interest rates because, in his opinion, the tightening of the monetary policy of the European Central Bank (ECB) has led to an increase in the cost of money for families and companies. However, “there hasn’t been an equally rapid, assiduous and significant rise in consumers holding checking account deposits.”
Without wanting to go into assessing the potential collection of the tax, the Italian minister indicated that “it is enough to look at the first half of 2023 of the banks” to understand that we are not talking about a handful of millions, but a few billion.
Fall in Spain
Subsequently, in a message posted on his account on the social network X, formerly known as Twitter, Salvini has assured that the new tax intends to “use part of the million-dollar profits from the banks to help families and companies affected by the rise in guys”. “A common sense standard approved by the Council of Ministers to support those who are in difficulty”, she has added.
As explained by Italian media, the rule, included by surprise in the omnibus decree approved at the meeting of the Council of Ministers, contemplates the activation of the 40% tax when the interest margin registered in 2023 exceeds a percentage.
The approval of the new tax on banks weighed down on Tuesday the price of the sector at the opening of the Milan Stock Exchange, with a fall in the titles of Bper (-7.39%), Banco Bpm (-6.73%), Intesa Sanpaolo (-7.17%), Unicredit (-5.68%), Mps (-6.75%)%, Mediolanum (-3.04%) and Mediobanca (1.64%).
Spanish banks left up to 2% in the early stages of the session on Tuesday. The main European stock markets also traded with a negative sign
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