Lisbon, Nov. 5, 2024 (Lusa) - The CEOs of the main banks said on Tuesday at the Money Summit that the banks don't have excessive profits and that the tax cut in the 2025 budget is an initial "good sign".
For the chairman of Santander Totta, Pedro Castro e Almeida, there are three good signs in the proposed State Budget for 2025: lower corporate income tax (IRC), lower personal income tax (IRS) for young people and balanced public accounts.
For CGD's chairman, Paulo Macedo, the "signal to companies" on the tax side is important, considering that the reduction in the tax burden combined with the reduction in interest rates benefits companies and therefore also families, who will have more disposable income.
For the chairman of BPI, "the State Budget is what is possible, with the margin that is possible with a minority government".
As for the chairman of BCP, Miguel Maya, if there is no other Budget, this is the best one. However, he also said that we'll have to wait until the end of the year "to see what they've done with the Budget."
Also at the Money Summit conference in Lisbon, the bankers again rejected the idea of excessive profits, as profits should be evaluated over long cycles (not immediately) and depend on the capital invested.
For the chairman of BPI, João Pedro Oliveira e Costa, the subject of profits "goes down very well with some political extremes" who use it to create stigmas, considering that this theme is another way of creating disunity among the population.
"Do we want a society of unity or disunity? Anyone who talks about excessive profits doesn't contribute to that. Everyone has realised that there are no excessive profits," he said.
The chairman of Caixa Geral de Depósitos (CGD), Paulo Macedo, said that the public bank pays more than €4.5 million a day to the state, between dividends and IRC.
The proposal for the 2025 State Budget was approved in general (with PSD and CDS-PP voting in favour and PS abstaining) and will now be discussed in detail. It reduces the nominal corporate income tax rate from 21% to 20% and a lower corporate income tax rate for 35-year-olds.
The final overall vote on the budget is scheduled for 29 November after a specialised discussion.
IM/ADB // ADB.
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