Excess profit to the bank, first come the corrective measures: News

Excess profit to the bank, first come the corrective measures: News

Photo by Quifinanza Editorial Staff

QuiFinance Editorial Staff

Quifinanza, ItaliaOnline’s vertical channel dedicated to the world of economics and finance: reference and in-depth site for savers, professionals and SMEs.

here comes the appreciation banking sector after government reform for the most controversial provision of the omnibus decree of 11 August, which introduces excess profit tax (For more details here). However, the bank continues to pressure the executive to modify the measure, even after receiving support from Forza Italia. meanwhile 0.1% limit net worth its effect has already waned Levi’s. Bankers’ decision was also appreciated Do not quantify revenue: The ambiguity of the technical report, which does not “prudently” estimate receipts, may actually indicate the possibility of new changes.

Read here for a comparison with the rest of Europe. This has a cascading effect on mortgages.

state of freshness

“I understand Prime Minister Giorgia Meloni but we must not change our mind – declared the leader of Forza Italia, Antonio Tajani , we have already defined a series of amendments So that the citizens continue to benefit from the support of the credit system seriously. There are three ways: First we ask exclude from taxation Banks that are not under the control of the ECB. Are small institutions, They are proximity banks. Those that aggregate the savings of Italians, especially in the Centrosudes and that are closer to the needs of families and businesses. And it is indeed the banks that are most likely to bear the consequences of this measure. They will ultimately be more at risk than the foreign banks that are in Italy”. “We will also make an effort – said Tajani – because tax is tax deductible, Finally: it should be a only one solution, In September we will ask for a specific table with the representatives of the banks, because a comparison is necessary”.

deduction option

Per “minimize damage” measure by 10 October – the date on which the conditions for the conversion of the decree by Parliament will expire – the most recognized hypothesis is that tax deduction The amount that will be withdrawn will result in a solution on which the banking sector is likely to have a consensus.

In either case the fee may “lapse.” became even more watery As it happened on Tuesday,” commented the Financial Times. The Economic newspaper rated the measure desired by President Meloni very negatively, calling it “disastrous” and probably “Biggest Mistake” of his government.

tax implications

Mediobanca Securities forecasts a decline It may weigh about 1.9 billion The euro is followed by their specialists at banks and asset management companies. although it will decrease 1.3 billion in case of cuts, with a single-digit impact on earnings per share (i.e. less than 10%) or a reduction in CET1 capital requirement in the order of 10-20 basis points. Other indirect result However, they run the risk of being exposed in the long run Above all because of the reaction of foreign investors, who may be swayed by the uncertainty created around the national debt sector by such outright initiatives by the executive.





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