Italy continues to water down windfall tax on banks

Lallalit Srijandorn FXStreet

According to weekend reports, the windfall tax on Italian banks, which has already been watered down since its implementation in August, will be effectively repealed. Rather than paying the levy, which would have been 40% of extra profits between 2021 and 2023, banks may avoid it entirely by allocating 2.5x of the amount of the tax to strengthening Tier 1 ratios.

The tax sparked discord within the coalition government and garnered criticism from the ECB, representing a significant setback for the Giorgia Meloni administration.

Market reaction

These comments did not trigger a noticeable market reaction. The EUR/USD pair was last seen trading at 1.0649, gaining 0.02% on the day.

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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