In a statement made public by the Ministry of Economy and Finance late on Tuesday, the Italian Executive specified that the measure is justified.
He Government of Italy He tried to go out to qualify the tax that he announced on Tuesday on the tax on extraordinary profits, after the sector collapsed in the stock market up to 11%.
In a statement made public by the Ministry of Economy and Finance Late on Tuesday, the Italian Executive specified that the measure is justified by existing standards in Europe regarding extraordinary bank margins”.
However, in an attempt to reassure investors, who forcefully sold shares in Italian banks because the tax was not expectedthe agency added that “the measure, in order to safeguard the stability of banking entitiesforesees also a maximum cap for the contribution that cannot exceed 0.1% of the total assets”.
In this context, the main Italian banks achieved a rebound this Wednesday, August 9, highlighted by Intesa Sanpaolo SpA (ISP) at 2.2% and Unicredit at 4.4%. Another entity like Monte dei Paschi also rises 2%.
Extraordinary income tax: the clarification of the Italian Government
In this sense, the Ministry specified that “the tax base of the tax“will be determined based on parameters set by the bank of italyrelated to the increase in the “interest margin” of each bank in the years 2022 and 2023.
Thus, the tax will be applied on the 40% of extraordinary profits of the greater of two measurements: the difference between the net interest income in 2022 and 2021, in excess of a 5% gainwave difference in net interest income between 2023 and 2021above a 10% gain.
giorgia meloni NA REUTERS Ciro De Luca.jpg
Ciro De Luca
In addition, the agency indicated that the banks that followed the rrecommendations of the Bank of Italy of February 15 on the remuneration of deposits “will not have significant impactsAlthough, due to the collapse of all the listed entities, none of them had followed that recommendation.
Source: Ambito
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