Italy dodges the EU infringement procedure at the last minute. On Tuesday evening, the Government reached an agreement with the European Commission, which officially ratified the agreement on Wednesday morning. The reversal of the yellow-green government arrived in Brussels in the form of a letter signed by the Prime Minister, Giuseppe Conte, and by the Minister of the Treasury, Giovanni Tria, with which the government undertakes to substantially modify the maneuver, from which they will be cut more than 10 billion euros.
THE SPECTRUM OF THE INTERIM EXERCISE
At this point the ball passes to the Italian Parliament, which will have to approve the maneuver by 31 December, avoiding the provisional exercise. The text of the maxi-amendment will have to arrive in the Senate Chamber as soon as possible, to then return to the Chamber and collect the final approval.
Meanwhile, the opposition thunders against a maneuver that does not exist yet, but at 12 today the Prime Minister should illustrate the contents of the agreement with Brussels.
GROWTH FORECASTS AND STRUCTURAL DEFICIT
According to rumors, the Commission was convinced by three new measures (mini web tax for internet giants, stop the indexation of high pensions and further divestitures) together with the guarantee that a mini-reduction of the structural deficit will eventually come (the figure excluding the economic cycle and one-off measures).
In addition to cuts of more than 10 billion compared to the original version of the maneuver (which was worth 37 billion), Brussels has also forced Italy to revise its growth estimates for next year. Now the Government expects that in 2019 our country's GDP will rise by 1%, against the +1,5% included in the latest update note to the Def and strenuously defended until a few days ago. This is the technical step that makes it possible to reduce the structural deficit while keeping the deficit at the 2,04% that Conte put on the table last week. Going below 2% would have been unsustainable by the media for the government, but by reducing the denominator of the ratio (ie GDP) the resources that Italy will be able to use in deficit also decrease and finally the accounts are back in Europe's eyes.
CUTS IN CITIZENSHIP INCOME AND 100 FEE
To make ends meet, the cuts to the two flagship provisions of the Movimento 5 Stelle and Lega were decisive: the basic income and the 100 quota for pensions lose around four billion in all and will hardly see the light before April. Despite the opposite statements made a few days ago by the deputy prime minister of Grillino, Luigi Di Maio, at this point it seems impossible that the audience of potential recipients of the income will not be reduced.
CUT TO THE SO-CALLED GOLD PENSIONS
The cut of the so-called golden pensions has been confirmed, obviously only the salary ones. The cut affects those who collect at least 100 euros gross per year and provides for progressive cuts from 10 to 40% of pensions that exceed half a million a year.
THE COMPROMISE ON THE ECOTAX
A tug of war between the Lega and the 5 Star Movement took place on the eco-tax. We are moving towards a full contribution for electric and hybrid vehicles, including two-wheelers. However, the bonus will be linked to the scrapping of polluting vehicles. For cars, the maximum incentive will be 6 euros, while for motorcycles and scooters, 3. There will also be a surcharge for large-engined polluting cars and 5 million euros for the installation of new electric columns. The bonus and malus will be in effect from 2019st March 31 to 2021st December XNUMX.
REDUCTION OF THE TAX WEDGE
Among the certainties of the maneuver is also the reduction of the tax wedge for employers thanks to the 30% reduction in Inail contributions. The cost of the measure is 600 million, money that will mainly go to large companies.
GOODBYE TOTOCALCIO
To raise cash, there is also the idea of replacing the now moribund Totocalcio with a new game that is able to recover customers by removing them from the world of sports betting.
STRETCH ON GAMES
In 'information to the Senate, Conte made it known that the maneuver will also contain "a package of measures that increases the levy on games with the increase in the Preu, the reduction of the minimum pay-out percentages and from 2019 January XNUMX a single tax on betting competitions and sportsmen".
