Italian budget pushback expands as banks raise constitutional concerns
Italian banks and trade unions have escalated opposition to the government's draft budget during parliamentary hearings, citing heavy tax burdens and funding flaws.
Opposition to Italy's draft budget has deepened during parliamentary hearings, with financial institutions and trade unions escalating their criticisms of the proposed fiscal measures.
Marco Elio Rottigni, director general of the Italian Banking Association (ABI), stated that tax adjustments across the 2025–2027 period impose a cumulative 22 billion euro burden on the sector. ABI cautioned that restrictions on Ires and Irap tax deductions threaten profitability, liquidity, and regulatory capital while limiting investments in physical branches and cybersecurity. Reports indicate bank shareholders are exploring potential constitutional challenges before the Constitutional Court regarding the targeted levies.
Concurrently, trade union federation CGIL criticized the budget's reliance on opaque revenue sources, fiscal drag, and EU recovery funds. CGIL unveiled an alternative tax package featuring automatic inflation adjustments and a wealth levy on net assets above 2 million euros to raise 26 billion euros for public services.
Sources: ANSA, Corriere della Sera, Il Messaggero, Il Sole 24 Ore, La Repubblica
How outlets assessed this
- La Repubblica Critical Highlighted CGIL's critique of opaque funding sources, fiscal drag, and heavy reliance on PNRR recovery funds.
- Il Sole 24 Ore Neutral Focused on CGIL's alternative tax proposal targeting wealth over 2 million euros to relieve workers and pensioners.
Sources
- La Repubblica — Manovra 2027, Cgil non fa sconti: coperture opache, massiccio ricorso a drenaggio fiscale e Pnrr
- Corriere della Sera — Le banche contro la manovra: «Va migliorata, impatto di 22 miliardi dal 2025». Sollevati dubbi di costituzionalità |
- ANSA — L'Abi: 'Sulle banche dal 2025 misure fiscali per 22 miliardi di euro'
- Il Messaggero — Banche contro la Manovra: «Costa oltre 22 miliardi». Il nodo dello spalma-Superbonus. Abi evoca la Consulta
- Il Sole 24 Ore — Riforma fiscale Cgil: nuova Irpef progressiva e contributo sulle grandi ricchezze oltre i 2 milioni di euro
Earlier coverage
- Nov 14, 2026, 02:30 PM UTCItalian banking sector and trade unions intensify opposition to 2027 draft budget
- Nov 14, 2026, 02:00 PM UTCItalian unions join banks in criticizing government's 2027 draft budget
- Nov 14, 2026, 08:00 AM UTCItalian banking association warns 2027 draft budget imposes 22 billion euro burden
- Nov 14, 2026, 02:00 AM UTCItalian unions propose alternative tax reform amid growing opposition to 2027 budget
- Nov 13, 2026, 06:30 AM UTCItalian banking association and central bank criticize 2027 budget proposal