Tax, the maneuver focuses on a new increase in the Tobin tax on the purchase of shares

The banking package is taking shape in view of the maneuver's arrival in the Council of Ministers on Wednesday.

Among the highlights of the package of measures which, according to the Dpb, will have to guarantee 5 billion more revenues from the financial world, there is also a remodeling of the IRES surcharge which is currently equal to 3.5%, thus bringing the tax level to 27.5% compared to the ordinary levy of 24 percent.

The hypothesis currently under study is to raise the bar further by moving the tax threshold very close to 30 percent. A hypothesis on which politics will already seek a meeting point with the banking and insurance world in the next few hours.

Above all, the highest representatives of the credit institutions sent messages to the Government to remind us of a fracture in the pact which had already led to requests for a greater contribution in terms of tax revenue last year. «Working with foil» is the method indicated yesterday by Deputy Prime Minister Antonio Tajani.

This is also why the measures will be varied in the dossier. A new increase in the tax on financial transactions and the blocking of DTAs (Deferred tax assets or advance taxes) for the year 2027 also seem destined to materialize with the possible transfer of tax credits also deriving from DTAs.

For financial transactions, the intervention hypotheses would aim for an increase of two decimal points. If the ideas under study are confirmed, the levy on the purchase of shares, participatory financial instruments (SFP) and representative securities in regulated markets or multilateral trading systems (MNS), with a capitalization equal to or greater than 500 million euros could go from the current 0.20% to 0.40% on the value of the individual operations.

While for the purchase of shares outside regulated markets or Smn the 0.40% levy would rise to 0.60 percent. As happened last year, high-frequency transactions carried out most often with speculative intent will not be immune from the increase: in this case the Tobi Tax rate would rise from 0.04% to 0.06 percent.

The new increase in the Tobin Tax fits into the logic already outlined by the government, which is that at this moment all sectors capable of contributing will be asked to do so. Furthermore, the government's choice last year to raise cash through stock market operations has given its results.

What puts it in black and white are the monthly data on tax revenues. In last year's forecasts, the doubling of the tax on financial transactions from 0.10% to 0.20% and from 0.20% to 0.40% and again from 0.02% to 0.04% for high-frequency transactions should have guaranteed 337.3 million euros more.

A revenue estimate about which the technicians of the Chamber and Senate had expressed doubts as the methodology adopted in the estimate did not seem to "consider the possible disincentive effects on operations, and the consequent risk of erosion of the tax base, deriving from an increase in tax rates".

Reality has shown that revenue has grown. From the latest tax statistics of tax revenues for the first eight months of 2026, published on the website of the Department of Finance, it emerges that as of 31 August the State has already collected just under a billion from the Tobin Tax, 917 million to be exact, equal to an increase in revenue of 94.3% compared to the same period of 2025, effectively pulverizing all the controversies over the collapse of stock market operations that had accompanied at the end 2025 the increase in Tobin.