December 4, 2023

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The Italian government defends taxes on banks

The Italian government defends taxes on banks

Bloomberg – Italian Minister of Economy Giancarlo Giorgetti He defended the tax on extraordinary profits for banks, which was announced in August He urged against rushing to sell Banca Monte Paschi di Siena SpA, an issue that is causing discord within his ruling coalition.

“Tax could be improved.” Giorgetti, one of the most powerful ministers in the Giorgia Meloni government, said during the closing speech of the annual Ambrosetti Forum held in Cernobbio (northern Italy). “It is fair, the state gives and the state recovers.”

Regarding Monte Paschi, Giorgetti said the government would handle the sale “without anyone imposing a calendar.” Foreign Minister Antonio Tajani said on Saturday that Rome could speed up the planned sale.

Forum audienceconsisting of investors, businessmen and others, He is not satisfied with the 40% tax on bank profits, according to a poll among attendeesWhich showed that two-thirds were negative about it.

Meloni’s right-wing government He surprised the markets when he announced this measurewiping out about $10 billion from the market value of the country’s lenders before the administration reversed part of the measure.

Investors followed Giorgetti’s speech closely, Who wonders how Italy will finance its next budget plan?Despite the deteriorating economic prospects of the country.

Minister of Finance He reiterated that he expects Italy to grow by 1% this year. In June, it forecast economic growth of 1.4%.

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