Italy's Financial Sector to Shoulder €11 Billion Tax Hike in New Budget Plan

Italys financial sector will face an €11 billion tax hike over three years as part of the coalition governments budget plan, impacting banks and insurers significantly.

• The Italian cabinet is scheduled to meet at 0900 GMT to finalize the budget law, which will be presented to parliament for approval by year-end.
• Under the new budget plan, Italy aims to implement tax cuts and expansionary measures worth an average of €18 billion annually, with the financial sector contributing heavily.
• The €11 billion tax increase on banks and insurers is part of a broader fiscal strategy by the coalition government to manage public finances through 2026-2028.