Maneuver: the weight of the Tobin Tax on the stock exchange, Assonime: 'Now less competitive'

A "heavy intervention" that undermines the "competitiveness of the Italian Stock Exchange" and requests for "greater balance". In the wake of the government's announcement of the increase in rates for the Tobin tax, the tax on financial transactions, some voices of criticism are being raised in the financial world for a measure that affects the market and investments, including savers.

Certainly the executive, as well as for the disbursement of 5 billion requested from banks and insurance companies, found itself in need of finding resources and maintaining budget discipline in a difficult international situation. At Savings Day, Friday 30th, the world of foundations and savings banks will host, together with the governor of the Bank of Italy Fabio Panetta, the president of Abi Antonio Patuelli and the minister Giancarlo Giorgetti. The minister has repeatedly underlined in recent years the positive effect on savings resulting from financial stability and tidy accounts and encouraged Italians to invest in government bonds.

However, the measures represent an increase in spending for savers both directly and indirectly. Bank shares are affected by the higher taxation of institutions while, in addition to the 26% on capital gains, the rate for the Tobin tax doubles from 0.2 to 0.6%. Furthermore, the taxation does not apply to ETFs, a rapidly growing instrument, to the shares of Italian companies based abroad and to those of companies under 500 million in capitalisation.

The government claims that after the intervention already in the previous budget, the revenue, according to the Mef revenue tables, increased and rose by 94% up to August to 917 million. There has not been the escape feared by some even though the value of trade on the Italian market has decreased in recent years, a sign of a flow that has been directed towards foreign markets with a consequent lack of revenue from the national managed savings industry.

As Assonime CEO Stefano Firpo explained, "it is a heavy increase that makes the Italian stock exchange even less competitive, in clear contradiction with the government's desire to revitalize them with the TUF reform". "We are obviously against and disappointed by a wrong and very short-term provision" he added. And for Vincenzo Polidoro, president of AssoNEXT, the association of listed Italian SMEs, "we hope that in the parliamentary debate a balance will be found that preserves the attractiveness of the market for listed SMEs and for those who choose to invest in the real economy. The objective must remain one: transforming savings into capital for the growth of the country".