Tax system severely reduces Italian banks’ profits – paper
Eurozone countries should consider adopting homogeneous bank taxation regimes, researchers say
Italy's tax system severely reduced the profitability of the country's banks between 2008 and 2012, an occasional paper published by the Bank of Italy argues.
Effective tax rates on Italian banks were far higher than those on German, French and Spanish banks in the same periods, the authors argue. British banks, outside the eurozone, also had far lower tax rates, they say.
Differences in tax rates for major eurozone economies may have major implications for banks' ability to raise capital
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