The Financial Stability Board criticized the idea of a 50% tax on banks

The Financial Stability Council (FSC) has voiced its opposition to the proposal to introduce a 50% surtax on bank profits in 2026. Regulators noted that the expected fiscal effect of such a measure would be significantly lower than estimated, and that the tax itself poses serious risks to lending to strategic industries, the privatization of state-owned banks, and the fulfillment of obligations to international financial organizations, in particular the IMF.

Source Minfin

RFS members stated that the introduction of high tax rates in wartime could significantly limit the lending capacity of banks and complicate their capitalization. Increased taxation could also lead to a breach of obligations to the IMF and a decline in the overall stability of the financial system. It was noted that the war remains a significant risk to the economy, as it hinders growth and destroys energy infrastructure.

This criticism arose against the backdrop of the previously introduced 50% tax on banks' excess profits in 2023, which significantly affected their financial performance. The tax rate was reduced to 25% the following year. Now, the initiative to impose a 50% tax in 2026 has caused outrage among financial regulators, who believe that it could significantly damage the banking system.