Italy looks to cut fees on digital payments for retailers

The Italian centre-right coalition led by Giorgia Meloni's Brothers of Italy (FdI) is contemplating a ‘solidarity tax’ on banks that would cut fees on digital payments for shopmakers.

In its 2023 budget, the Italian government has proposed the measure that would scrap sanctions if retailers only take cash for payments under €60 in a move which it said would shield them from fees.

The move however is being criticised as going against the spirit of commitments taken with the EU to combat tax dodging – particularly rife in Italy. The Bank of Italy similarly has warned that reducing the regulatory curbs on cash would fuel the country’s black economy. Around €100 billion is lost to tax cheats every year in Italy.

After a meeting with Meloni and key coalition figures, Tommaso Foti, member of the Italian Chamber of Deputies, said: “An option being discussed is using resources stemming from a solidarity contribution weighing on banks to lower those fees.”

The leader of a small centrist party within the coalition, Maurizio Lupi, also said that the government is looking at ways to erase bank commission fees for digital payments under €20.

The budget also sees the government proposing raising the limit on cash payments from €1,000 to €5,000.

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