Berlusconi's daughter criticises Meloni over bank windfall tax

Arnoldo Mondadori Editore

15/09/2023 14:28

By Angelo Amante
       ROME, Sept 15 (Reuters) - Marina Berlusconi, the
daughter of former Prime Minister Silvio Berlusconi, on Friday
criticised Italy's windfall tax on banks, underlining divisions
over the issue in the coalition government that includes her
late father's party.
        Prime Minister Giorgia Meloni has taken personal
responsibility  for the measure, which targets extra profits
made by banks from higher interest rates.
    It is the first public criticism of a Meloni policy by
Marina Berlusconi, who together with her brother Pier Silvio has
assumed effective control of the family business empire after
the death of their father in June.
    The criticism comes as Forza Italia, founded by the former
premier, puts forward proposals in parliament to water down a
measure which sparked turmoil in the banking sector when
announced in August.
    "Who determines when a profit is extra and when it is
normal?," Marina Berlusconi said to reporters after the assembly
of influential Italian business lobby Confindustria.
    "If it is extra, to what extent is it? (This is) a measure
that leaves itself open to several doubts and criticisms," she
added, warning it could deter foreign investors.
    Forza Italia amendments would allow banks to partly deduct
what they have to pay from their overall corporate tax bill,
exempt smaller banks from paying the tax and exclude returns on
government bonds from the levy.
    The party is also proposing to cap the levy at 0.18% of
risk-weighted assets (RWAs) instead of the current 0.1% cap on
total assets.
    Meloni has said she was open to some modifications, provided
the targeted tax take remained unchanged at "just under" 3
billion euros ($3.2 billion).
    The Berlusconi family holding company Fininvest has a 30%
stake in Italian asset manager Mediolanum  BMED.MI , a company
that would be hit by the levy.
    Marina Berlusconi made clear she broadly appreciated the way
Meloni was handling Italy's strained public accounts and its
foreign policy, renewing her support for Antonio Tajani, the
foreign minister who has taken the reins of Forza Italia.
    "The legislature is still long and there are so many
challenges and problems to tackle, it is too early to give a
full judgement. Government had to face a very complicated
economic situation," she said.
 ($1 = 0.9388 euros)

 (Additional reporting by Elvira Pollina and Giuseppe Fonte,
editing by Keith Weir)
 ((Angelo.Amante@thomsonreuters.com; @AmanteAngelo;))