BCP advocates the end of the "extraordinary tax burden" on banks
BCP chairman Miguel Maya said today that the political priority for banks should be to remove the extraordinary tax burden that they have been paying for years and which penalizes the sector.
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Economia BCP
"The subject of tax competitiveness is relevant" because if Portugal wants to be "more prosperous, it must have companies with the capacity to capitalize themselves," he said at the press conference to present the results of the first quarter (profits of 234.3 million euros), at Tagus Park, Oeiras, when asked about how the reduction of the IRC included in the Government program will impact the taxes paid by the bank.
Specifically about banking, he stated that the priority should be "to remove this burden of extraordinary taxes that became ordinary," referring to the extraordinary tax on banking, solidarity surcharge, and contribution to the national bank Resolution Fund.
"The priority should be to end the extraordinary, before the normal," he said.
Miguel Maya also wanted to talk about public accounts, considering that keeping them balanced "is an imperative for Portugal," because it helps the State, as well as companies and families.
Millennium BCP today presented profits of 234.3 million euros for the first quarter, 8.4% more than in the first three months of 2023, helped by the reduction of provisions and impairments.
Bank BCP has a bank in Poland, Bank Millennium, where it had profits of 29.7 million euros (down 49% year-on-year). In Poland, the Government extended support measures for those with housing loans which, according to BCP, should have a negative impact of up to 57 million euros, which will be included in the results of the second quarter.
Miguel Maya was also questioned at the press conference about BBVA's Public Takeover Bid (OPA) for Banco Sabadell, both Spanish banks, stating that he would not comment on the operation or any "possible interest of BBVA in Portugal." Also regarding the merger of banks, he considered that, in the future, with greater integration of the Banking Union, "there will be greater banking consolidation."
Read Also: BCP. Reduction of bank business is expected in view of monetary policy (Portuguese version)
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