Berlusconi's Successor Criticizes Italy's Meloni Banking Tax Initiative

16 Sep, 2023

Berlusconi's Successor Criticizes Italy's Meloni Banking Tax Initiative

Marina Berlusconi, the eldest daughter of Silvio Berlusconi, has publicly criticized Giorgia Meloni's proposal to impose taxes on bank profits, condemning it as "demagoguery." This marks a significant departure from her usual private stance and represents the first public criticism of Italy's Prime Minister by the prominent businesswoman.

Expressing her apprehensions, Marina Berlusconi, who serves as the chairperson of the family's holding company, Fininvest SpA, expressed concerns about the tax's potential consequences, stating that it could undermine Italy's attractiveness to foreign investors. She expressed her hope that the parliament would intervene to modify the tax plan, making it more equitable.

These statements were delivered during an event in Rome and underscore the growing unease within Italy's business community regarding the unpopular decisions made by Prime Minister Meloni's government. One such decision is the imposition of taxes on the additional profits generated by banks due to higher interest rates.

It's worth noting that Fininvest holds a minority stake in the financial services provider Banca Mediolanum SpA, which will be directly affected by the unexpected tax levy announced by the Italian government in August.

Marina Berlusconi and her brother, Pier Silvio, recently assumed formal control of the substantial €7 billion ($7.5 billion) business empire originally founded by their father, former Premier Silvio Berlusconi. Despite their involvement in the family's business endeavors, they have thus far refrained from engaging in their father's political activities.

However, within Meloni's coalition, the political party Forza Italia, which was also founded by Silvio Berlusconi, has emerged as one of the most vocal critics of the plan to tax bank profits. Antonio Tajani, who succeeded Berlusconi as the leader of the party, revealed that Forza Italia had allegedly been kept unaware of the bank tax proposal. As a result, the party has put forth multiple proposals aimed at mitigating the tax's impact during the parliamentary process, as the government seeks to formalize the decree.