Italy approves 2027 budget with tax hikes on banks and energy firms
The package will finance €26 billion in tax cuts and spending increases, while banks and financial firms will contribute more than €5 billion.
- On Wednesday, the Cabinet meets to approve Italy's 2027 budget bill. Economy Minister Giancarlo Giorgetti confirmed the plan, which leverages the European Union's "National Escape Clause" to temporarily increase the fiscal deficit.
- Italy will tap the NEC to finance roughly half of the budget's measures. This temporary exemption allows higher deficits, enabling the government to boost defense spending and investments to make the economy greener.
- Italy's budget deficit is estimated to rise to 3.4% of gross domestic product next year, declining to 3.2% by 2028. Financial institutions are expected to contribute around €5 billion through higher taxes under the Draft Budgetary Plan published this month.
- Coalition partners have proposed specific measures: Matteo Salvini's League party is pushing to lower the pension age to 64, while Forza Italia has called for lower income taxes above the €50,000 threshold.
- Giorgetti said the budget must deliver "what is possible, not the impossible," accounting for "a geopolitical reality which has weighed heavily on us in recent years." Officials are working "day and night" to finalize the arrangements.
109 Articles
109 Articles
The Italian government increases taxes for the budget 2027 for banks, energy companies, insurers and the gambling industry.
The government led by Giorgia Meloni resorts to tax increases for banks, energy companies, insurers and operators in the gambling industry, in an attempt to support public finances and reduce pressure on Italy's budget. The measures come in the context of a budget deficit that will again exceed the 3% of GDP threshold imposed by the European Union.
Italy increases taxes for banks, insurance companies, companies in the energy sector and in the gambling industry, to be able to finance the revenues provided in the budget for the year 2027, reports...
There are 2.5 billion more than the EU's flexibility in energy deficit spending. About 9 billion will be allocated to the confirmation of all the interventions planned by the Financial Office last year.
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