Forza Italia has presented 11 amendments to the Asset decree regarding the tax on bank windfall profits, introduced by the government last August. The proposed changes to the text could be submitted until 12 noon yesterday, in the Senate’s Industry and Environment Committee. However, no proposals were received from Brothers of Italy or the League.
It was Forza Italia, the majority party, that had strongly requested a correction to the law, which was voted on by the Council of Ministers but communicated to the allies without prior notice. “The Prime Minister cannot impose herself, she must discuss with us. No more taxes on windfall profits,” said Deputy Prime Minister Antonio Tajani to Il Foglio. And so, one of Forza Italia’s proposals aims to make the measure a one-off, not to be repeated beyond 2023.
In addition, one of the amendments presented by Forza Italia introduces the deductibility of the tax, which would provide greater benefits to smaller credit institutions. These are the ones that could be most affected by the tax on windfall profits. The tax should therefore become deductible by 27.5 percent “for banks with assets equal to or less than 5 billion euros over three years; for other banks, in six annual installments,” reports Il Sole 24 Ore, which has seen the amendments.
But another proposal also aims to exclude taxes on profits and losses related to government bonds. This proposal would also be favored by some members of the opposition, such as the Democratic Party, who have submitted amendments in this direction.
In fact, Tajani himself, responding to a Question Time in the Chamber yesterday, spoke of the need to ensure that “the law is well written, in the interest of savers.” Although the most support he received from Prime Minister Meloni was a willingness to discuss it, without affecting the revenue that the government wants to derive from this law. However, as many observers have pointed out, the government has not even released an accurate estimate of how much revenue will be generated by the law.
The amendments will now follow their course in the committee, but the changes are not expected until the end of September. At that time, the Prime Minister will have to decide how far she is willing to accommodate a portion of her allies.
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