Also starting last year, administrative expenses and depreciation are only 90 per cent deductible for purposes of IRAP, while dividends are exempt for 50 per cent of the amount received. These limits are specific to the financial industry and do not apply to other enterprises.
Official estimates put the total cost of the non-deductibility of interest expenditure this year at € billion, a quarter of this due to interbank transactions. This year, the VAT exemption on auxiliary services provided within a banking group is abolished.