Abstract
The Italian banking system is strictly integrated with the tax regulation. Banks have different roles, all of which are governed by specific laws, administrative rules and accounting standards: 1) Banks are tax payers since they are liable for payment of direct and indirect taxes; 2) Banks act as withholding agents since they collect taxes on behalf of the government; 3) Banks intervene as supporters in fiscal investigations. Italian tax regulation on banks shows some peculiarities that are able to cause competitive disadvantages compared to the regulation in other countries.1 According to the Italian Banking Association, the tax burden on Italian banks and on foreign banks in Italy is far higher (around 15 per cent more) than the average one in other European markets.2 The high level of taxation has detrimental impacts on the real economy and consequences for jobs.3
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