Among the hypotheses being studied in view of the 2027 Budget Law, there is also a new fiscal tightening on banks, insurance companies and financial operations. The Government is reportedly considering an increase in the IRES surtax, an increase in the Tobin Tax on stock market transactions and further limitations on the use of tax credits. The package of interventions should help guarantee 5 billion euros of increased revenues in 2027, as indicated in the Draft Budgetary Plan.
2027 budget, Ires hypothesis towards 30%
IRES, a direct and proportional tax applied to the total net income of joint-stock companies, commercial entities and cooperatives, is currently 24%. Among the hypotheses considered by the Government for the 2027 Budget is the idea of increasing taxation to 30%.
The intervention would make it possible to increase the revenue deriving from the profits of the credit institutions and would represent one of the components of the contribution requested from the financial sector. However, the proposal will have to be discussed with the trade associations, which have already expressed doubts about the introduction of new charges.
In fact, the banks recall the agreement reached during the previous Budget Law, which provided for a total contribution of approximately 10.5 billion euros through various fiscal interventions.
Tobin Tax, possible increase of up to 0.60% on financial transactions
Another intervention concerns the Tobin Tax, the tax applied to certain financial transactions, including the purchase of shares and some equity instruments.
In this regard, the Government is considering an increase in the rates currently envisaged. For transactions subject to the tax carried out on regulated markets and multilateral trading systems, the rate could increase from 0.20% to 0.40%.
For purchases made outside these markets, however, the levy would rise from 0.40% to 0.60%. The proposals concern transactions on securities that fall within the scope of application of the tax, in compliance with the requirements established by the legislation, including those relating to the capitalization of companies.
High-frequency trading operations could also see an increase, with the rate moving from 0.04% to 0.06%.
How much could the cost of stock market investments increase
Any increase in the Tobin Tax would also have consequences for investors who carry out transactions subject to the tax. For example, on a purchase of shares worth 10 thousand euros made on a regulated market, a rate of 0.20% corresponds to a theoretical tax of 20 euros.
With the move to 0.40%, the withdrawal would rise to 40 euros. For the same operation carried out outside a regulated market, the possible increase from 0.40% to 0.60% would bring the theoretical tax from 40 to 60 euros.
These are examples of calculations referring to fully taxable operations, without considering any exemptions, exclusions or particular methods of determining the tax base. Not all sales of financial instruments are in fact subject to the Tobin Tax.
Dta tax credits, hypothesis of blocking for the whole of 2027
The tax package could also include new limitations relating to DTAs, advance taxes which, in the presence of the conditions established by law, can be transformed into tax credits. One of the proposals involves suspending the transformation of certain DTA quotas into credits that can be used for compensation throughout 2027.
The measure could concern banks, insurance companies and other businesses affected by the tax provisions on deferred tax assets. A second intervention under study concerns the possibility of transferring tax credits deriving from DTAs to third parties, with the introduction of restrictions aimed at combating irregular operations.
