Il cabinet, Monday 9 December 2024, approved some changes to the maneuver economic and a series measures, including the Milleproroghe Decree and the Decree on controls on cash entering and leaving the EU. Among the news stand out the Ires cut,flat tax expansion to 35 thousand euros, incentives for overtime for nurses and the new rules su gold e cash. Sled still there reduction of Irpef for the middle class, from 35% to 33%, which will come only after putting the public accounts in order. The measure was to be financed with the second tranche of the two-year preventive agreement, which has so far collected 1,3 billion, well below the 2,5 billion needed to implement the measure.
Ires cut and flat tax to 35 thousand euros
Among the most anticipated tax changes, the proposal for a Ires bonus for businesses who decide to invest their earnings and increase theoccupation. In particular, a 4% cut in IRES is expected, reducing the corporate income tax by 24 20% to%, for those who keep at least 70% of profits in the company for investments or hiring. This tax discount would be financed by a contribution of 400 million euros from banks and insurance companies.
Furthermore, the expansion of the Flat Tax from 30 thousand to 35 thousand euros for employees with self-employed income. In addition, specific incentives are provided for certain categories of workers, such as nurses and residents, for which a new one will be introduced facilitated taxation 5% on overtime.
On the public front, the exclusion of the turnover block for the police forces, local authorities, ATA staff and researchers, allowing for greater hiring of new staff in public administrations.
Support to the South: new incentives for the Zes
Another measure of the 2024 budget concerns the Southern Italy, with new funding for the Special Economic Zones (Zes) and the agriculture Zes. Furthermore, for the new craftsmen e traders, one is expected reduction of 50% of the contribution INPS minimum for the first three years of activity, encouraging the creation of new businesses in the country.
Historic Shops: The New National Register
Another novelty of the 2024 budget is the creation of a national register of historic workshops, designed to protect and enhance artisan activities and shops with a particular historical, cultural or commercial value. The activities present in this Register will receive tax protection and will be able to benefit from incentives for tourism and commercial promotion.
Milleproroghe: postponement and incentives for businesses
In the meantime, the Council of Ministers has approved also the Milleproroghe decree, which includes several urgent measures, such as the postponement as of March 31st of theobligation to have insurance against natural disasters for businesses, easing the tax burden on companies. A extension for fixed-term contracts, which can be stipulated for another year, until 31 December 2025. For SMEs, the Guarantee Fund will be extended until the end of 2025, with tax breaks for the tourism sector.
After the defeat on the issue of the Rai license fee with Forza Italia, the League obtains a victory on a historic issue: thecancellation of fines for no-vaxers. Furthermore, the “shield criminal” for doctors, limiting criminal liability to cases of intent and gross negligence only.
Gold and Cash: Here Are the New Rules
The Council of Ministers also approved new rules on cash transfers, gold and other financial instruments, with the aim of aligning with the 2018 European regulation and strengthening customs controls to combat money laundering and illicit financing.
Il concept of “cash” it was significantly expanded to include not only banknotes and coins, but also financial instruments such as cheques, promissory notes, money orders not made out to names or to fictitious beneficiaries, prepaid cards not linked to bank accounts, and gold coins with a purity of 90% or more. Also included are gold bars, bars, nuggets and aggregates with a minimum purity of 99,5%. If the total value of these instruments exceeds 10 thousand euros, they must be declared customs authorities at the time of transfer, both entering and leaving the EU.
Le customs authorities , Guardia di Finanza are now authorized to seize the money, even if less than 10 thousand euros, if the transfer takes place without accompaniment or if there are suspects di organisers' activities illicit. THE fines for those who do not comply with the reporting obligations, the penalties have been severely tightened: 15% fine applies if the undeclared amount is less than 10 thousand euros, while the penalty goes up to 30% if the amount exceeds this threshold, arriving up to 40 thousand euros.
Finally, the decree also introduces significant changes for theinvestment gold, transferring the data management; of the List of Professional Gold Operators from the Bank of Italy to theOrganismo Agenti e Mediatori (Oam). In addition, the declaration threshold for gold transactions has been lowered to 10 thousand euros, aligning it with that required for cash.
Budget 2024: what are the next steps?
Work on the amendments to the budget began today, Tuesday 10 December, in Budget Commission in the Chamber. A meeting between the government and the speakers at the Ministry of Economy and Finance is planned for the weekend to define the details of the amendments, which could exceed ten.exam in the classroom is set for the 16th December, but a postponement to the 18th is not excluded. In the meantime, the government continues to refine the measures and adjustments, with the aim of completing the legislative process by the end of the year.
