In the period January-September 2015, tax revenues, ascertained on the basis of the juridical competence criterion, amounted to 301.137 million euro, with a increase of 3,4% (+9.862 million) compared to the same period of 2014. For the purposes of a homogeneous comparison, neutralizing the extraordinary revenues of 2014(1) and taking into account the elements that determined the trend of employee withholding taxes, tax revenues show a tendential growth of +2,4% (+6.847 million euros).
DIRECT TAXES
They record a total revenue of 163.998 million euros, in del% increase 5,6 (+8.738 million euros) compared to the same period of 2014.
IRPEF revenues grew by 6,5% (+7.698 million euros), mainly due to the positive trend in employee withholding taxes (+7.226 million euros). This trend was affected both by the effects of the provisions of Legislative Decree 175/2014 relating to the tax payment model which envisage, starting this year, the indication of Irpef gross of tax offsets made (2), and by the mechanism accounting settlement of the 80 euro bonus paid up to now which for the public sector takes place in the year following the award (1.644 million euro), and a payment of 777 million made by INPS in September 2014 but referring to October of the same year. After stripping out these effects, a like-for-like comparison with the same period of 2014 shows a 2,2% increase in Irpef (+2.098 million euro).
IRES also increased (+215 million euros, equal to +1,3%) thanks to the higher self-assessment payments in the months of July and August which confirm an improvement in the economic situation compared to last year. The result is even more significant if we take into account the absence, in 2015, of the higher balance payments made last year by way of the IRES surtax (+8,5 percentage points for subjects carrying out insurance business, credit and financial institutions – Legislative Decree 133/2013).
Among other direct taxes, the revenue of the substitute tax on capital income and capital gains increased by 64,9% (+€813 million) and that of the substitute tax by 92,7% (+€532 million) on the value of pension fund assets. The revenue from both taxes is supported by the increases in the financial income tax rates, from 20 to 26 per cent and from 11,5 to 20 per cent respectively, adopted to finance the measures to reduce the tax wedge on labor . The substitute tax on income taxes as well as withholding taxes on interest and other capital income recorded an increase of 1.556 million euros (+22,5%) due to the change in the rate, from 12,5 to 20 per cent envisaged by Legislative Decree .Lgs. n.44/2014, on the taxation of income deriving from participation in UCITS (Organization for Collective Investment in Securities) governed by foreign law. The tax on the mathematical provisions of the life insurance business shows an increase of 210 million euro (+9,9%) due to the increase in premium income in 2014.
INDIRECT TAXES
The proceeds amount to 137.139 million euros, in 0,8% increase (+1.124 million euros) compared to the same period of 2014.
The growth of VAT revenues continues, increasing by 2.707 million euros (+3,5%) due to the overall positive performance of the component relating to internal exchanges and payments due based on the application of the "Split Payment" mechanism ” (+4,5%, equal to +4.079 million), while the revenue recorded by imports from non-EU countries continues to decline (-3,4% equal to -338 million euro).
Revenue from excise duties on energy products, their derivatives and similar products (mineral oils) show a limited decrease of 9 million euros (–0,1%). The revenue from excise duty on natural gas for combustion (methane gas) was also down, generating lower revenues of 1.178 (–36,8%). The tax payment mechanism provides for monthly advance installments calculated on the basis of consumption for the previous year and a balance which is paid the year following the reference year, by the end of March, on the basis of actual consumption. As a result of this mechanism, the decrease in revenue recorded was determined by the negative change in the adjustment paid in March 2015 on the basis of actual consumption for the whole of 2014, results lower than those of 2013.
ENTER FROM GAMES
Revenues from games show overall growth of 0,8% (+73 million euro).
REVENUE FROM ASSESSMENT AND CONTROL
The revenue deriving from the assessment and control activity is substantially stable (+0,1%, +8 million euro) compared to the same period last year.
The Tax Revenue Bulletin for the January-September 2015 period is available on the Department of Finance website, accompanied by the statistical appendices and the regulatory guide, which provides an accurate analysis of the tax revenue trend, and the related Technical Note which illustrates in summary of the main contents of the document.
