AGI – La The Milan Stock Exchange closed in the red, at -2.12% with 27,942.25 pointsdragged into negative territory by the heavy losses of bank stocks, even over 10%, after the provision approved yesterday by the Council of Ministers which surprisingly introduced an extraordinary contribution for 2023 on the extra profits of credit institutions.
A result that assigns a Piazza Affari the black shirt of the day of the main European price lists. The government has implemented a levy on bank extra profits, limited to 2023, after the season of interest rate hikes applied by the ECB, which have seen the cost of installments rise considerably, especially for variable-rate mortgages.
The extraordinary tax will be determined by applying a rate equal to 40% on the highest value among a series of factors, with an assessment on the amount of the interest margin relating to the year between 5% and 10%. The biggest losses on the Piazza Affari list were Bper Banca with -10.94%, Mps -10.83%, Finecobank -9.91%, Banco Bpm -9.09%, Intesa Sanpaolo -8.67%, Unicredit – 5.94%. On the other hand, energy stocks and utilities were in positive territory: Hera +1.93%, A2a +1.82%, Italgas +1.38%, Snam +0.77%%. Good among Tim industrialists with +2.17%.
What does the extra profit tax include?
The government has thought of a levy on bank excess profits, limited to 2023, after the season of interest rate hikes applied by the ECB, which saw the cost of installments rise considerably, especially for variable-rate mortgages. “It is a rule of social equity, all proceeds will go to help with first home loans and tax cuts. The rate hike wanted by the ECB has led to an increase in the cost of money for households and businesses, there hasn’t been an equally diligent increase for consumers who have deposits in current accounts. In this gap there will be a 40% withdrawal from multibillion-dollar expra-profits of the banks “, explained the deputy premier Matteo Salvini at the end of the CDM.
Here’s what the decree actually provides
The extraordinary tax launched yesterday by the CDM on extra profits charged to banks and financial intermediaries, in force for 2023, specifies the note from Palazzo Chigi, will be “determined by applying a rate equal to 40% on the higher value” among a series of factors. Among these, for the purposes of the calculation, “the amount of the interest margin relating to the financial year prior to the one in progress on 1 January 2023” will be evaluated which “exceeds the same margin by at least 5% in the financial year prior to the current one to January 1, 2022”.
Another parameter concerns “theamount of the interest margin relating to the previous year to that in progress on 1 January 2024 which exceeds the same margin by at least 10% in the year prior to that in progress on 1 January 2022″. The extraordinary tax must be paid “in 2024” and “will not be deductible for the purposes of income tax and the regional tax on productive activities.”
The increased revenues deriving from this tax will be “destined to finance the fund for mortgages on first homes and for interventions aimed at reducing the tax burden of families and businesses”.
Go to the article
2023-08-08 21:53:00
#Splash #Piazza #Affari #extra #profit #tax #include
