Save Rome and Save Municipalities, but not only. Also many tax measures (IRES, IMU, Inail, ecobonus, scrapping of folders), to protect banks in difficulty (Carige and Pop Bari), suppliers in danger (Mercatone Uno) or historical media in black crisis (Radio Radicale). The Growth decree - on which the Chamber has given the go-ahead for the trust requested by the Government and which is now being examined by the Senate - is a soup into which Parliament has truly stuffed everything, a sort of summer re-edition of the classic Milleproroghe by end of the year. Except that this version was seasoned by clashes, misunderstandings and cross-attacks in the majority, which came to split above all over two amendments: the one on the transfer of the management of the Development and Cohesion Fund from the ministry of the South to the Regions, later removed, and that on Ilva, the subject of a compromise between the M5S and the League which risks proving to be insufficient.
In the end, the decree was armored with trust. After the definitive green light in Montecitorio, the text will pass to the Senate, where the majority has already announced its intention to reiterate the trust in order to hurry. By now time is running out: the conversion into law must arrive before 29 June, under penalty of forfeiture of the measure.
Here, in summary, are the main measures contained in the Growth decree.
SAVE ROME AND SAVE MUNICIPALITIES
Part of the debt of the Municipality of Rome will pass to the State, but the savings obtained by the Capital with the renegotiation of mortgages will be used for the capital Municipalities in difficulty.
To deal with the Roman debts that pass to the State, a fund is set up with an endowment of 74,83 million per year for each of the years from 2020 to 2048.
There is also an ad hoc fund "for the contribution to the payment of the debt of the capital municipalities of the metropolitan cities" fed with the minor disbursements deriving from the renegotiation operations of the existing loans with credit institutions under the responsibility of the commissioner management.
Ad hoc regulations are envisaged for Alessandria, Catania and the Municipalities of the province of Campobasso.
IRES CUT
One of the most important tax innovations among those contained in the Growth decree regards Ires, i.e. corporate income tax. An amendment to the text provides that, starting from 2023, the rate will drop from 20,5 to 20% on profits for the year allocated to reserves other than those of unavailable profits, within the limits of the increase in shareholders' equity. Banks are excluded. The resources to cover the measure will come from the Fund for the 100 quota envisaged in the manoeuvre.
INAIL CUT
The 600 million cut in Inail tariffs, already planned until 2021, becomes structural from 2023. An interruption is expected in 2022, the year during which no discounts will be in effect.
IMU ON SHEDS
From 2023, the deductibility of the Imu rises to 100% on instrumental buildings, such as industrial warehouses. Until then, the bonus will rise progressively: to 50% this year, 60% next year and in 2021 and 70% in 2022.
SCRAPPING OF FOLDERS AND AMENDMENT
The terms for the scrapping-ter of the tax bills and the balance and excerpt, or the amnesty provided for by the last manoeuvre, are reopened. Taxpayers who failed to apply for scrapping by April 30 they will have until July 31st. Payment must be made in a single solution by November 30th or in a maximum of 17 installments, the first of which (equal to 20% of the total amount due) always due on November 30th.
ISA
The payments linked to the ISAs, the new summary indices of fiscal reliability, have been extended to 30 September 2019.
RECEIPTS: STOP THE PAPER
No more paper receipts: even the smallest shops, which until now had benefited from an exemption, will have to send the receipts electronically to the Revenue Agency. Those who do not have internet coverage will be able to send the data to the tax authorities within 12 days of issue, but the data will still have to be stored every day.
ECOBONUS ELECTRIC MOTORCYCLES AND MICROCARS
Anyone who buys an electric vehicle in 2019, whether it's a scooter, a motorbike or a microcar (with no kilowatt limits) and at the same time scraps a vehicle for 0, 1, 2 or 3 euros, gets a contribution equal to 30% of the purchase price up to a maximum of 3 euros. The bonus is valid only if a moped, motorbike, tricycle or microcar is scrapped and not a car. The wrecked vehicle can also be registered in the name of a cohabiting family member. It is also possible to scrap old scooters, registered before 2006, without pollution class.
COMPANY SLIDE: GOING OFF 5 YEARS EARLY
The "workers who are no more than 60 months from obtaining the right to an old-age pension, who have accrued the minimum contribution requirement" will be able to leave work 5 years in advance. The measure is part of the "expansive solidarity contract" and concerns companies with a workforce of more than 1.000 who intend to start reindustrialization and reorganization processes. The novelty, on an experimental basis for the years 2019 and 2020, concerns companies engaged in "a structural modification of company processes aimed at the progress and technological development of the activities". To respond to the need to "change the professional skills of the workforce" it will be possible to proceed with the hiring of new professionals and, at the same time, to recognize an early retirement allowance for workers who would have had to wait another 5 years.
SHORT RENTALS AND TOURIST TAXES
To counter the evasion of the tourist tax, there is a tightening on short-term rentals. The unique national identification code for accommodation facilities is established and the Revenue Agency will have access to the communication data transmitted by the same facilities. Violators are subject to fines ranging from 500 to 5 euros.
SCAMMERS SCAMMED
A preferential lane is on the way to disburse repayments under 50 thousand euros more quickly to defrauded savers. Green light also to the proposed modification of the speakers which widens the audience of savers who will be entitled to compensation, excluding any supplementary pension benefits provided in the form of an annuity from the calculation of the income limit. Also excluding life policies from the ceiling of movable assets held as at 31 December 2018.
CARIGE
The Treasury guarantees on Banca Carige bonds have been extended from 30 June to 31 December 2019. So far, the institute has issued bonds for two billion: the government is now moving to the end of the year the deadline within which the state guarantee on new bonds can be granted, within the limits of the amount still available, equal to around one billion.
POP BARI AND BANKING COMBINATIONS IN THE SOUTH
Via amendment, a provision was also included in the growth decree to save Banca Popolare di Bari and encourage banking mergers in the South. In fact, the transformation of DTAs (deferred tax assets) into tax credits will be permitted for financial and non-financial companies in the South that choose to join. The tax credit cannot exceed 500 million and it will still be necessary to pay an annual fee determined by applying the rate of 1,5% to the difference between the Dta and the taxes paid.
ILVA
One of the most controversial amendments is that on Ilva, presented by the M5S to recover part of the consensus lost after the Apulian steel mill failed to close. The proposed amendment limits criminal immunity on the implementation of the environmental plan for Ilva owners and directors to 6 September 2019 and obviously has aroused the wrath of ArcelorMittal, which came to threaten a reverse of the investment in Taranto. In the end, Lega and Movimento 5 Stelle found a compromise: farewell to criminal immunity remains, but it will be balanced by an agenda that will commit the Government to intervene in the event of employment problems at Ilva. A solution that actually solves nothing and is condemned in chorus by Confindustria and CGIL. It remains to be seen what ArcelorMittal's reaction will be.
EXHIBITIONS
The 30% tax credit arrives for companies that participate in international fairs but also in those that take place in Italy. Access to the subsidy for businesses will be possible to the extent of 30% and up to a maximum of 60 thousand euros.
INPGI
The commissionership of Inpgi, the Italian journalists' social security institute, which will have 12 months from the conversion of the decree to reform its social security regime and 18 months to send an actuarial technical balance to the ministries, has been suspended until the end of the year. If there are no improvements, the government will intervene with one or more regulations.
MARKET ONE
Even the suppliers of Mercatone Uno will be able to access the Fund for victims of non-payments. Professionals, hitherto excluded, are also included among the potential beneficiaries.
RADICAL RADIO
Finally, the growth decree provides for a loan of 3 million for 2019 to save Radio Radicale. The majority split on this amendment: the League voted with the opposition to save the radio while the 5 stars voted against.
