No maxi tax discounts (DTA) to buy MPS: banks are crying on the stock market. All the details

20 May 20213 years ago babelfish

Draft of the Sostegni bis decree: absent rule on Dta. Banks (primarily Mps) drop in Piazza Affari

The strengthening of incentives for business combinations, including bank mergers, and the expansion of the percentage of DTA to be transformed into a tax credit is missing.

"The 2% ceiling of the Dta remains", the deferred tax assets, which can be transformed into tax credits, explained the Minister of Economy, Daniele Franco, during the press conference with the premier, Mario Draghi, at the end of the Council of the ministers who passed the Sostegni bis decree.

In fact, the decree does not include the strengthening of tax incentives for mergers, or the rule which, according to the hypotheses circulated, should have increased the ceiling on the amount of DTAs that could be transformed into tax credits from 2 to 3% of the assets of the smallest bank. involved in fusion.

The yellow on the Dta for the banks pushes down on the stock market on credit securities. Here are all the details

At 1 pm the Milan Stock Exchange (+ 0.2%), afterwards returns to positive and aligns itself with the other European lists, waiting for the start of Wall Street where futures are falling. The spread between BTP and Bund is stable at 120 basis points with the Italian ten-year yield at 1.1%.

In Piazza Affari, banks are in decline, awaiting the Government's decisions on the extension of incentives for business combinations, including credit institutions, and the expansion of the percentage of DTA to be transformed into tax credit. A measure that would favor banking risk with MPS at the center of attention (-0.6%), waiting for months to find a partner. Banco Bpm (-2.6%) and Bper (-1.2%) suffer. Intesa was also down (-0.6%) while Unicredit was flat (+ 0.01%).

What happened? In the new draft of the Sostegni bis decree, the extension of incentives for business combinations, including banks, and the expansion of the percentage of DTA to be transformed into tax credit (the one that had been renamed the 'MPS standard' because also apply to transactions between banks). However, there remains a new intervention on the sale of impaired loans, with the extension of the incentives until the end of 2021 and the provision that the limit of 2 billion is valid "for each of the years 2020 and 2021".

The strengthening of the Ace for the capitalization of companies has also been confirmed with respect to the drafts.

Among the innovations there are special support for the fashion sector, tax relief on capital gains from the sale of shares of innovative start-ups and also a special section of the Central Guarantee Fund to guarantee bond portfolios. The measures for work include incentives for re-employment, with the exemption of contributions (for six months) for those who hire an unemployed person, but also the extensions of allowances for seasonal workers, tourism and entertainment.

Finally, the postponement at the end of the year of the possibility for the Intended Assets managed by Cassa Depositi e Prestiti to operate in derogation of the rules on State aid, or to help companies (with turnover exceeding 50 million euros) that pay in difficulties due to Covid.

(article being updated)

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/dta-banche-mps-borsa/ on Thu, 20 May 2021 13:14:37 +0000.