{"id":6373,"date":"2023-09-04T10:51:59","date_gmt":"2023-09-04T10:51:59","guid":{"rendered":"https:\/\/prosfunds.com\/news\/very-stupid-italys-bank-tax-remains-controversial-as-government-scrambles-to-update-it\/"},"modified":"2023-09-04T10:52:00","modified_gmt":"2023-09-04T10:52:00","slug":"very-stupid-italys-bank-tax-remains-controversial-as-government-scrambles-to-update-it","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=6373","title":{"rendered":"‘Very stupid’: Italy’s bank tax remains controversial as government scrambles to update it"},"content":{"rendered":"
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Italy’s shock tax on banks continues to prove controversial, even as the government insists it can improve it.<\/p>\n

Europe’s main bank stock index fell almost 3% on Aug. 8, after the Italian government announced plans to impose a 40% windfall tax on banks’ profits. The move caught traders off guard and sent shockwaves throughout the continent.<\/p>\n

The market reaction and wide-spread backlash pushed Rome to tone down the plans within 24 hours.<\/p>\n

Nearly a month later, the government is still studying how to make the measure work \u2014 but analysts and policymakers remain criticial.<\/p>\n<\/div>\n

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“It’s a very stupid law,” Carlo Calenda, national secretary of the Azione political party, told CNBC over the weekend.<\/p>\n

Calenda, Italy’s former deputy minister of economic development, warned the policy could put off international investors.<\/p>\n

“It’s something that all the international investors will look at saying: ‘Wow, this is very dangerous. I don’t want to make an investment here in Italy, long-term investments, knowing that the government can jump in and say okay, I’m gonna take part of your profit’,” he told CNBC’s Steve Sedgwick at the European House Ambrosetti Forum.<\/p>\n

Brothers of Italy, the leading party in the ruling coalition government, however, is of the opinion that lenders have not passed through higher rates to savers.<\/p>\n

The latest set of bank results in Europe show that lenders across the region are enjoying higher levels of profitability as interest rates keep rising.<\/p>\n

Italy’s Economy Minister Giancarlo Giorgetti said at Ambrosetti that the bank tax “can certainly be improved upon…but I do not accept that it is considered an unfair tax,” according to Reuters.<\/p>\n

Antonio Tajani, the country’s foreign minister and leader of the centre-right Forza Italia party, said the government is stable and the bank tax is not creating tensions.<\/p>\n

He insisted it is “correct to ask banks for help” but stressed that it is important to make a distinction between large and small lenders. “We need to talk with the banks to see if it is possible to write better the text [of the law],” he told CNBC’s Sedgwick.<\/p>\n<\/div>\n

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One of Italy’s biggest banks is not impressed, however.<\/p>\n

“This is not the good time to subtract lending capacity,” Intesa Sanpaolo Chairman Gian Maria Gros-Pietro told CNBC. “We think the communication has not been good,” he added, saying the measure should be a one off.<\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Italy’s shock tax on banks continues to prove controversial, even as the government insists it can improve it. Europe’s main bank stock index fell almost 3% on Aug. 8, after the Italian government announced plans to impose a 40% windfall tax on banks’ profits. The move caught traders off guard and sent shockwaves throughout the […]<\/p>\n","protected":false},"author":1,"featured_media":6374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-6373","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\n'Very stupid': Italy's bank tax remains controversial as government scrambles to update it | Prosfunds<\/title>\n<meta name=\"description\" content=\"Italy's shock tax on banks continues to prove controversial, even as the government insists it can improve it.Europe's main bank stock index fell almost\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=6373\" \/>\n<meta property=\"og:locale\" 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