BNP Paribas Fortis CEO Michael Anseeuw said on Friday that he opposes any increase in Belgium’s existing bank taxes, arguing that the sector already makes a substantial contribution to public finances.
Speaking at the presentation of the bank’s half-year results, Anseeuw said the financial sector was already “doing its part” in supporting state revenue.
He cited figures from banking federation Febelfin showing that Belgian banks contributed a total of €6.4 billion in taxes and other payments to the country’s public finances last year, including €1.7 billion in levies specific to the sector.
Asked about a reported €10 billion generated in Belgium by the financial sector, Anseeuw disputed the interpretation of the figure. He said the amount combined all Belgian and foreign activities of all banks and was not generated solely in Belgium.
He also said the sector’s contributions to the state since 2019 had been at the same level as shareholder dividends.
“That creates an imbalance between investors and those who reap the benefits of those investments,” he said, warning that investors could eventually begin to question the situation.
Anseeuw also referred to warnings from the National Bank of Belgium and the European Commission, saying both had indicated that such taxes could affect the future of the Belgian economy.
“I assume politicians have a sense of responsibility,” he said. “Let us hope there will be no additional bank taxation, otherwise there will be consequences for the future of the economy. If that happens, it would not be very intelligent.”
