ROME: Italy’s right-wing vice-premier Matteo Salvini says Spain’s Socialist leader Pedro Sánchez has gotten it right when it comes to taxing banks.
“I’m fundamentally at odds with Sánchez and the Spanish government on pretty much everything, but the initiative they’ve taken on banks’ profits, interest income and expenses, and fees is an absolutely intelligent one,” the League leader told Bloomberg News on Sunday on the sidelines of the Ambrosetti Forum in Cernobbio, Italy.
“It’s something we’ll propose in the budget, absolutely,” said Salvini.
Italy has relied on temporary measures on banks that have allowed it to raise revenue the past few years.
Last year, the government used the measure to finance a small income tax cut for middle earners.
“It’s going to be another record year for bank profits, close to €50bil (US$58bil),” Salvini added, speaking on the shores of Lake Como.
“And since part of these profits essentially comes from bank fees and the difference between interest earned and interest paid, a contribution on that item, which is entirely borne by citizens, is absolutely desirable.”
Taxing banks has been a divisive issue for Giorgia Meloni’s government, which includes Salvini’s nationalist League, the business-friendly Forza Italia and her own right-wing Brothers of Italy. — Bloomberg
