Italian Government pretends to raise EUR 3,5 billion from banks and insurance companies to address a budget deficit of EUR 9 billion. Last year, Italy was the worst European Union country talking about deficit: the biggest on this region (7,4% of GDP), although they plan to reduce this to 3,8% this year and aims to keep it below 3% by 2026. The country must obey new European fiscal rules and, in this way, calm national markets due to be introduced to an especial supervision regime. Georgia Meloni underlines Government’s compromise on prioritizing citizens, as she affirms revenues will help to maintain national public health and making an improvement on essential services. 

Therefore, recently, Minister of Economy, Giancarlo Giorgetti, made sure his plans on raising taxes to companies whose last year’s benefits come from recent economic turmoil. So, these taxes will focus on banks, which have benefited from high interest rates, as well as the arms production sector, driven by ongoing conflicts (Ukraine and Middle East).  

The minister pointed out that this contribution is not only addressed to banks, but many other sectors, including personal incomes and benefits and from small companies to large corporations. However, there is no clue about an increase in taxes. Moreover, Italy does not know how to avoid last year’s unsuccessful attempt to tax banks on their extraordinary profits. 

Finally, Italian Government confronts the pressure of creating new state incomes to reduce national debt. Taxing insurance companies has also been considered as part of this strategy. Giancarlo Giorgetti remarks on collective effort to alleviate the country’s debt, although it has not been clarified enough to known better their wanted initiatives. 

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