Italy’s plan to increase taxes on banks and insurance companies has raised concerns across the financial industry. Carlo Messina, CEO of Intesa Sanpaolo, has questioned the proposal, arguing that financial institutions have already agreed to contribute to the country’s public finances. The debate comes as the Italian government looks for additional revenue to support its 2027 budget.
Italy Considers Higher Taxes on Banks and Insurers
The Italian government is considering new tax measures targeting banks, insurance companies and other financial businesses. The aim is to generate additional revenue over the next few years and help cover public spending needs.
Under the proposed plan, Italy expects to collect an additional €10.7 billion from the financial sector between 2027 and 2029. This would come on top of approximately €12 billion in additional revenue planned under measures introduced in the 2026 budget.
The proposal has sparked debate about whether financial institutions should face further tax increases after making previous commitments to the government.
Carlo Messina Raises Concerns Over Additional Taxes
Carlo Messina, head of Intesa Sanpaolo, spoke out against the proposal during an event in Rome on October 20, 2026.
Messina said banks had already reached an understanding with Prime Minister Giorgia Meloni’s government to contribute to public finances over a three-year period. He expressed concern about introducing additional demands after that agreement had been reached.
He also argued that the responsibility for helping households and businesses deal with higher energy costs should be shared across different industries rather than placed mainly on financial institutions.
His comments highlight the banking sector’s concerns about changing tax requirements and the importance of predictable government policies for businesses.
Why Is Italy Targeting the Financial Sector?
The government believes banks and insurers can contribute more towards public spending. Economy Minister Giancarlo Giorgetti has pointed to factors such as limited competition in banking, higher interest rates set by the European Central Bank and government-backed lending support introduced during the COVID-19 pandemic.
From the government’s perspective, additional contributions from financial companies could help fund public priorities and ease pressure on the national budget.
Banks, however, want the government to consider the commitments they have already made. The discussion reflects a wider disagreement over how the costs of supporting the economy should be distributed among businesses.
How Could Higher Taxes Affect Banks and Customers?
If approved, the proposed tax changes would increase the financial obligations of affected institutions during the 2027–2029 period. The actual impact would depend on the final tax rules and the amount each institution is required to pay.
Banks may need to consider these additional costs when planning their budgets, investments and lending activities. However, it is too early to determine whether the proposed changes would affect loan rates, banking fees or services for customers.
The final policy details will be important in understanding how the measures could influence competition, lending and investment across Italy’s financial sector.
What Happens Next With Italy’s Proposed Bank Tax Hike?
The disagreement between the government and banking leaders puts Italy’s proposed financial sector taxes under greater scrutiny. While the government is seeking additional revenue for public spending, Intesa Sanpaolo CEO Carlo Messina believes the burden should be shared more widely across the economy.
The government’s next decisions on the 2027 budget will determine how the proposal develops. Banks and insurers will be watching closely for details about the final measures, their expected costs and whether existing agreements with the government will remain unchanged.
The outcome will help clarify the financial sector’s tax responsibilities over the coming years and how Italy plans to balance public revenue needs with business stability.
