(Finance) – The Council of Ministers has given the green light to the omnibus decree law containing measures on taxation and regulatory extensions and fifteen other provisions including bills, legislative decrees and presidential decrees. Measures ranging from taxation to local authorities, including the contribution for the displaced inhabitants of the Vele di Scampia and the increase from 100,000 to 200,000 euros of the flat tax for the super-rich who transfer their tax residence to Italy. At the end, the ministers Raffaele Fitto (European Affairs, Cohesion Policies and PNRR), Giancarlo Giorgetti (Economics and Finance), Anna Maria Bernini (University and Research), Gilberto Pichetto Fratin (Environment and Energy Security) and the Deputy Minister of Economy, Maurizio Leo, They illustrated the measures adopted in a press conference.
In detail, the cabinet has definitively approved other two legislative decrees of the tax delegation bringing the number of approved legislative decrees to 13. The two measures concern two sectors: customs and indirect taxes other than VAT (successions and donations, trusts, registration tax and stamp duty). On customs – he explained Leo – “a Copernican revolution is implemented with respect to a single text of over 300 articles which has been reduced to 120”. On the front of deductions – in particular for health expenses and the 50% on renovations – press conference the Deputy Minister of Economy assured that “the entire system of deductions, especially the most important and significant ones for taxpayers, will not be touched. We should – he added – make assessments on those of lesser relevance on which we can make a reasoning”.
Also approved doubling of the so-called flat tax for billionaires who decide to transfer their tax domicile to Italy. The substitute tax on income produced abroad by individuals who transfer their tax residence to Italy as confirmed Georgette – rises from the current 100 thousand to 200 thousand euros per year”.
On the banks and insurance front “there will be no taxes on extra profits. On profits, yes for them as for everyone else – he said Georgette –. Certainly the banks, like all other entities that make profits and are doing well, will be called upon to contribute like all citizens” he added.
The approval of a provision that increases the budget from 1.6 billion euros to over 3.2 billion is the amount of resources available for the recognition of the tax credit for investments made in the single ZES of Southern Italy from 1 January 2024 until 15 November 2024. “This is – underlines the Ministry for European Affairs, the South, Cohesion Policies and the PNRR – an allocation five times higher than that foreseen in the years from 2016 to 2020 (equal to 617 million euros per year) for the recognition of the Southern tax credit (a relief measure established with the 2016 budget law and replaced, starting from 1 January 2024, by the tax credit for investments in the Single ZES) and three times higher than that foreseen in the years 2021 and 2022 (equal to 1,053.9 million euros) and in the year 2023 (equal to 1,467 million euros, of which only 1.3 billion euros actually used)” https://www.Finance.it/DettaglioNews/133_2024-08-07_TLB/. “In addition to the 3.2 billion euros immediately available – the note continues – the provision provides that the resources of the national and regional programs, financed with theresources of the European cohesion policy 2021 – 2027, relating to the competitiveness of SMEs. These are programs that have a total financial endowment of approximately 4.2 billion euros and which, net of the commitments already undertaken and the specific destination constraints already foreseen, can be usefully used, in compliance with the relevant conditionalities, also to support investments supported by the tax credit”. In order to benefit from the tax credit for investments in the Single ZES – the Ministry continues – economic operators are required to send the Revenue Agency by the deadline of 2 December 2024 an additional declaration certifying that the investments indicated in the preventive declaration sent to the same Agency in the period between 12 June and 12 July 2024 have been made by 15 November 2024. The amount of the tax credit that can actually be used by economic operators will be determined by a specific provision, adopted by the Director of the Revenue Agency by 12 December 2024. The amount of the tax credit will be calculated on the basis of the investments actually made and indicated in the supplementary communications and not, as occurred with the provision adopted last July 22 and to be considered definitively superseded with the legislative provision approved today by the Council of Ministers, on the basis of mere investment intentions. In this last regard, it is appropriate to highlight that the verification of the over 16,000 preventive declarations sent by the Revenue Agency has revealed that, in the face of over 9.4 billion euros of tax credits exposed, less than 2% of said credits (equal to approximately 167 million euros) refers to investments already made at the date of sending the aforementioned preventive declarations”.
“In the last few days, – he declared Dense – we have witnessed completely instrumental controversies that valorized the number of investment proposals, without any verification of their possibility of translating into concrete investments. With today’s regulatory intervention, the Government demonstrates, once again, its constant commitment to the development and competitiveness of the economic-productive fabric of the regions of Southern Italy through support initiatives that, by deploying economic resources far superior to those envisaged by previous Executives, provide certain and clear answers to the business system”.
The Council of Ministers also approved today the 13 million allocated to support tourism in the municipalities of the Apennine ski areas and districts affected by the decrease in attendance, caused by the lack of snow, in the period from 1 November 2023 to 31 March 2024. The resources – explains the Ministry of Tourism – will be allocated to tourism businesses operating in the municipalities of the Apennine ski areas and districts which, in the period considered, have suffered a reduction in revenues of no less than 30% compared to those recorded from 1 November 2021 to 31 March 2022. Specifically, the recipients of the provision are: operators of cableway and artificial snowmaking facilities, as well as ski slope preparation; rental companies of winter sports equipment; ski instructors, registered in the appropriate professional registers, and of the ski schools where they operate; travel agencies; tour operators; managers of spas; tourist-accommodation businesses and catering businesses. Within 45 days of the entry into force of the decree, the Ministry of Tourism will identify the Municipalities affected by the measure, defining the criteria for quantifying the support, the disbursement procedures, the methods of distribution and assignment, and the verification, control and revocation procedures.