Forza Italia has presented 11 amendments to the Asset decree voted in August. These amendments range from deductibility for smaller institutions to the exclusion of government bonds. Meloni is open to changes, but only “if the revenue remains the same”.
Yesterday, Forza Italia presented 11 amendments to the Asset decree regarding the tax on banks’ extra profits, introduced by the government last August. These requests for changes to the text could be submitted until 12 noon yesterday, in the Senate Committee on Industry and Environment. Fratelli d’Italia and Lega did not submit any proposals.
It was Forza Italia, the majority party, that had strongly demanded a correction of the norm voted in the Council of Ministers but communicated by the Prime Minister to the allies without prior notice. “The Prime Minister cannot impose herself, she must discuss with us. No more taxes on extra 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, which should not be repeated beyond 2023.
In addition, one of the amendments presented by Forza Italia introduces the deductibility of the tax, which would provide greater advantages to smaller credit institutions. These are the institutions that could suffer the most from the tax on extra profits. The tax should then become deductible for 27.5% “for banks with assets equal to or less than 5 billion euros in three years; for other banks in six annual installments,” as reported by Il Sole 24 Ore, which has seen the amendments.
But another proposal aims to exclude taxes on profits and losses related to government bonds. This proposal would also find favor with parts of the minority such as the Democratic Party, which has submitted amendments in this direction.
The fact is that Tajani himself, in response to a Question Time in the Chamber of Deputies yesterday, spoke of the need to ensure that “the norm is well written, in the interest of savers.” Even though the most support he received from Prime Minister Meloni was a willingness to discuss it, but without affecting the revenue that the government wants to derive from this norm. However, as many observers have rushed to note, the government has not even released an accurate estimate of how much revenue the norm will actually generate.
The amendments will now follow their course in the committee, but the changes are not expected until the end of September. When the Prime Minister will have to decide how far she is willing to satisfy a part of her allies.