Italian Banks To Return Tax Handouts, Says European Commission
European Competition Commissioner Mario Monti
has ruled that Italian banks must pay back the cash they had previously
received in tax breaks after a European Commission investigation found
that the tax breaks were illegal and contravened state aid rules. Although it is uncertain as to just how much
the banks must return some estimates are believed to be around US$2.5
billion. However, some analysts claim that as the Italian government froze
the tax breaks when the investigation was launched, the amount could be
lower. Monti told reporters: 'In recent years, the
Commission had examined state aid measures to banks in different member
states with particular attention. Such measures distort competition and
are obstacles to the development of a true single market in financial
services, which would be to the advantage of consumers, savers and companies
alike.' .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.