Italy to spread deductions of banks' tax assets for up to four years, budget shows
ROME, Oct 23 (Reuters) -Italian banks will temporarily face higher taxes on profits as the government intends to force lenders to spread tax deductions stemming from past losses forup to four years, Rome's 2025 budgetshowed on Wednesday.
The move is expected to result in a contribution from banks to Italy's strained state finances worth more than 2.5 billion euros ($2.70 billion), the government has said.
Under the budget, banks will have to use 2025 tax credits, known as deferred tax assets, or DTAs, to lower their taxes over four years between 2026 and 2029, while the use of DTAs related to 2026 will be spread over the following three years.
Italy's largest banks include Intesa Sanpaolo ISP.MI, UniCredit CRDI.MI, Banco BPM BAMI.MI and state-owned Monte dei Paschi di Siena BMPS.MI.
The measure is particularly relevant for MPS, which has significant DTAs on its balance after years of steep losses and had started reaping benefits now that it's once again profitable.
Italy's Treasury needs to cede control of MPS by the end of this year to meet re-privatisation terms agreed with the European Union at the time of a costly 2017 bailout, people have previously said.
The Treasury also expects to collect 1 billion euros from insurers by changing in the budget the payment terms of stamp duties for some insurance policies.
($1 = 0.9271 euros)
Reporting by Giuseppe Fonte and Valentina Za; Editing by Sharon Singleton
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