Overview

• The draft sets an optional substitute tax on banks’ and insurers’ past reserves at 27.5% for reserves as of end‑2025 and 33% the following year, a mechanism tied to reserves accumulated after the 2023 maneuver.
• Union estimates indicate banks could pay about €1.7 billion at 27.5% versus roughly €2.4–2.5 billion at a 40% reference rate, while government leaders cite a broader €4.3 billion financial‑sector contribution.
• A new ‘rottamazione‑quinquies’ allows taxpayers who filed returns but did not pay to settle debts dated 2000–2023 in up to 54 bimonthly installments over nine years, excluding those who never filed.
• The package cuts the middle IRPEF rate from 35% to 33% and applies a 15% flat tax in 2026 to overtime, night and holiday pay for employees earning up to €40,000, with a €1,500 benefit cap.
• The draft lifts the tax on short‑term rentals to 26%, drawing open opposition from Forza Italia and the League, and faces legal uncertainty from an EU court ruling on past bank dividend taxation that could trigger about €1.5 billion in state refunds.