Italy's Salvini Pushes 5% Yearly Tax on Top 10 Banks to Aid Budget
Salvini's Proposal for Bank Taxation
Details of the Proposed Levy
ROME, Aug 11 (Reuters) - Italy's coalition League party will propose a three-year levy on the country's 10 largest banks in the 2027 budget to help support public finances, Deputy Prime Minister Matteo Salvini was quoted as saying on Tuesday.
Salvini's Statement and Coalition Support
"We as the League will ask, and I am convinced the entire coalition will support us, for a three-year contribution from the top 10 Italian banks," Salvini was quoted by AGI news agency as saying during a visit to a construction site in Rome.
Expected Revenue and Profit Figures
Salvini said that if annual profits in the banking sector came in at around €30 billion ($35 billion), the government should seek "5% a year for three years".
Major Banks and Sector Overview
Salvini said Italy's two biggest banks had reported combined first-half profits of almost €12 billion, implying annual earnings of more than €24 billion. Intesa Sanpaolo and UniCredit are the two largest players in a sector that is being reshaped by a wave of M&A activity.
Scope and Target of the Tax
He said any tax hike would target only the country's largest lenders and not smaller local banks.
Context: Previous Financial Sector Taxation
The Italian government already tapped the financial sector for more cash in its 2026 budget, raising up to €6 billion through a raft of tax hikes impacting banks, insurance companies and market transactions.
($1 = 0.8669 euros)
(Reporting by Crispian BalmerEditing by Keith Weir)