The cycle of hearings on the 2027 Budget continues before the Budget commissions of the House and Senate. On Tuesday 10 November it was the turn of the Abi, the Italian Banking Association, and the INPS. The objection from the general director of the ABI, Marco Elio Rottigni, was clear, as he lashed out against the new charges borne by the banks, which would be worth another 7 billion in revenue over the next three years.
However, he did not limit himself to this, highlighting doubts about the constitutionality of the rule that spreads the Superbonus credits into 10 installments. The general director of INPS, Valeria Vittimberga, instead explained that the revaluation of the highest pensions will arrive with an adjustment by March. For his part, he then proposed extending the new social security piggy bank to children born before 2027.
Maneuver 2027, new hearings: the ABI protest
After the findings of the Court of Auditors, it can be said that the discussion on the Budget law has come to a head. One of the most critical interventions of November 10th was that of the ABI, which contested the new charges expected to be borne by the banking system, as mentioned. There are also hypothetical profiles of unconstitutionality, which cast further shadows on the Maneuver.
According to Rottigni, the planned interventions “are in addition to those introduced in 2024 and 2025, which cumulatively resulted in an increase in state taxes of almost 15 billion euros for the banks”.
The general director then wanted to point out that banks are “already subject to additional IRES and IRAP rates”. A framework which, if confirmed, would reduce the resources available to finance families and businesses. Here’s his wake-up call.
Banks: another 7 billion in revenue
According to the ABI, the budget law outlined by the Meloni government provides for interventions that impact:
- profitability;
- liquidity;
- regulatory capital of banks.
Here are the main items indicated by Rottigni, who speaks of an extra revenue of around 7 billion euros in the next three years:
| Measure | Revenue in the three-year period |
|---|---|
| Increase in the IRES surtax and structural restriction of IRAP deductions | 4.8 billion euros |
| Deferrals of deductions and compensations | 2.1 billion euros |
| Total | around 7 billion euros |
Super bonus in 10 installments
For the second consecutive day we are talking about Superbonus credits. The maneuver modifies the times of use in compensation of tax credits deriving from sales and discounts on the invoice. Therefore, during 2027 the usable portion would be divided into 10 annual installments.
The ABI is clear in its opposition to this decision, because the measure would be “in contrast with what has been established by the Constitutional Court, which considers it illegitimate to affect the economic calculation of companies ‘now for then'”.
Rottigni doesn’t mince words, explaining how everything could appear like a “forced restructuring of a state debt”. In fact, action would be taken on credits purchased on the basis of a usage calendar already established by law, thereby modifying the economic and financial values.
The negative effects for banks would be evident, “on the income statements, on assets and on liquidity”. To this would then be added a cost linked to inflation. More generally, according to the ABI, the repetition of measures aimed especially at some sectors would lead to “strong doubts about constitutionality and economic rationality”. Ultimately, he said, this system could undermine investor and market confidence.
Families and businesses at risk
There is a clear succession of fiscal interventions concentrated on banks. In this climate, the ABI believes there is a risk of compressing the resources available to support the economy. Rottigni could not have been clearer in expressing his opinion:
The State’s fiscal choices must also be carefully evaluated for their indirect effects on the ability of institutions to provide credit and finance investments.
He recalled how banks finance families, businesses and public administration with 1,700 billion euros, while the collection and use of savings amount to 2,150 billion. The institutions also make over 6 billion in investments a year, including for digital transformation and payment security, and hold more than 400 billion euros of Italian public debt.
Revaluation of pensions: the 2027 adjustment
On the social security front, the general director of INPS Valeria Vittimberga spoke out. He spoke about the practical and operational consequences of the new revaluation system. In fact, the 2027 Budget brings us back to the band mechanism applied to the entire amount of the pension.
We go from 3 to 6 bands, with inflation adjustment percentages dropping from 100% to 32%. Considering how the January 2027 installment is already being processed, INPS will initially apply the revaluation only to pensions up to 4 times the minimum payment.
Checks that exceed this threshold, however, will have to wait. The differences due will then be recognized with an adjustment within the first quarter of 2027, therefore by March of next year.
Social security piggy bank also for those born before 2027
Look then turned to the New Born Value Fund (article 58 of the Maneuver). This fund provides for the opening of an individual position at INPS for every child born in 2027, supported by 100 euros per year paid by the State.
Obviously, then, family members will be able to contribute, obtaining a 19% deduction, up to a maximum of 1,000 euros per year. The sums will be blocked and transferable only upon reaching the age of 18. INPS estimates a potential opening of around 356,000 positions each year.
In this scenario, Vittimberga proposes to extend the piggy bank also to minor children born before 2027, allowing families to make voluntary payments with the same tax breaks. In this case, however, there would be no contribution of 100 euros from the State.
Here are his words:
Families with minor children born before may have the same interest in building long-term savings for them. This would avoid a disparity between siblings born before and after 2027.
Finally, INPS suggests also evaluating the possibility of deducting payments, as happens for complementary pensions, in addition to the 19% deduction.
