Privatizations, return of capital from abroad, tax deductions. These are the fundamental chapters discussed on Friday afternoon by the Council of Ministers and illustrated in the press conference by the premier, Enrico Letta, and by the owner of the Treasury, Fabrizio Saccomanni.
PRIVATIZATION: IT BEGINS WITH 40% OF POSTE AND 49% OF ENAV
The CDM has approved the two decrees “which give the green light to the beginning of the privatization process of Poste and Enav – said the Prime Minister -. In both cases it is the sale of non-controlling shares. The resources of privatization will go towards debt reduction: this is foreseen by a European law. This will be the country's first general debt reduction after six years of continued growth. Furthermore, in 2014 there will be "other privatisations", assured Letta.
For the post office, Saccomanni later explained, the overall valuation is "between 10 and 12 billion", therefore selling 40% will mean collecting "between 4 and 4,8 billion". As for the national flight assistance agency, the minister added, the current valuation is "between 1,8 and 2 billion", so the sale of 49% is worth "about one billion".
RETURN OF CAPITAL: "NO AMENDMENT"
“We have given the go-ahead to the transparency and emergence operation with respect to Italian capital abroad – explained the Premier again -. In addition to today's one, there will be a second intervention, which will be part of the crime package that we will approve in two weeks in the CDM, with which the crime of self-laundering will be introduced ".
With regard to the return of capital, Letta underlined that “money will return which will be used for the reduction of taxes on labour. We made a bet that I think will pay off. We have refused to follow the path of anonymity: it's not about shields”.
A concept reaffirmed by Saccomanni: the new rules for the return of capital are not “an amnesty or an amnesty – said the minister -. They constitute an innovative mechanism that allows for the voluntary collaboration of those who have exported capital without declaring it. No discount on the taxes due is foreseen, but a reduction of administrative sanctions and a modification of the legislation for criminal sanctions".
The agreements with Switzerland, added Saccomanni, are not "alternatives" to the new legislation, "if anything, they are of a complementary nature, and the principles of non-anonymity and non-amnesty will always be applied".
TAX DEDUCTIONS: THE CUT WILL ARRIVE WITH THE TAX PROXY
“On January 31, there will be no cut tax credits“, announced the Prime Minister, clarifying that the operation will be “moved to its proper location, i.e. the implementation of the fiscal delegation that Parliament is approving”.
