Pressure from the Quirinale of Bank of Italy forced the Government to revolutionize the monovra bis of August for the fourth time, which now has an autumn flavor. The new maxi-amendment will have an impact on net debt of 700 million euros in 2011, 4,342 billion in 2012, 4,399 in 2013 and 4,389 in 2014.
Instead, the frenzied haste with which the Executive decided to dismiss the provision is to be blamed on the ECB: this evening the Senate will give the green light to the new law, secured by a vote of confidence. Tomorrow the ECB board will meet to decide whether to continue buying Italian government bonds. The risk is not only that Frankfurt decides to turn off the taps. Under pressure from Germany, it is possible that the Eurotower will indicate a more or less distant expiry date for the aid destined for Rome. For this reason, in the eyes of the majority, it was essential to show up for the appointment with the maneuver approved by at least one of the parliamentary branches.
On the other hand, as Undersecretary Gianni Letta seems to have confided to President Napolitano, the decision to trust came to restore order within the majority itself. The aim was therefore not to avoid the obstructionism of the oppositions, especially since the Democratic Party and the Third Pole had ensured their fair play.
Let us now see in detail what the content of the maxi-amendment is:
INCREASE OF THE ORDINARY VAT RATE FROM 20 TO 21%
The surplus for the state coffers will be 700 million in 2011 and 4,236 billion a year from 2012 (almost the entire value of the maxi-amendment), to be devoted entirely "to improving public budget balances". It seems that it was Giulio Tremonti who imposed this clause, who has always been against any immediate change to the value added tax, which he would have preferred to keep as an ace up his sleeve for the fiscal delegation. The superminister would have given in only on condition that the increased revenue was destined to cover the deficit and not to lighten the cuts to ministries and local bodies, as had also been hypothesized in recent days.
SUPER TAX OF 3% ON INCOME EXCEEDING 300 THOUSAND EUROS PER YEAR
This is the last episode of the summer soap opera featuring the much-hated solidarity contribution. And, as in any self-respecting fiction, the final twist was not missing. Up until yesterday evening, the draft of the amendment envisaged a much higher threshold, at 500 euros. Then the majority realized that in this way the levy would have been completely useless, because it would have affected just a handful of taxpayers (0,01% to be precise). In its latest version, the Irpef surtax will instead fall on the pockets of 34 Italians. But the biggest twist comes at the end of the article: the provision "can also be extended for the years after 2013, until the budget is balanced". This means that the Government has taken into account not to achieve the target set for 2013.
THE RETIRING AGE OF WOMEN IN THE PRIVATE SECTOR WILL BE ADJUSTED TO THAT OF MEN FROM 2014 INSTEAD OF 2016
The arrival at 65 will thus arrive in 2026. This is perhaps the biggest surprise, because it marks a sensational collapse of the League. Not later than two days ago, in his headquarters in via Bellerio in Milan, Umberto Bossi flatly rejected the advances of Giulio Tremonti on social security matters. The latest "niet" in a long series that began more than two months ago and is destined to punctuate the summer like a real refrain-catchphrase. The turning point came yesterday during the summit at Palazzo Grazioli. Roberto Calderoli, Rosy Mauro and Federico Bricolo were present. Bossy no. And the definitive ok came via telephone from Roberto Maroni. The Carroccio has held its head high on retirement pensions, but the partial retreat risks further widening the rift between the base and the party leadership.
AMENDMENT 2002, ONE YEAR EXTENSION FOR CHECKS
The taxman will have one more year to track down the sly people who had adhered to the 2002 amnesty, but had only paid the first installment, deserting subsequent appointments.
EVASION, JAIL ONLY IF IT EXCEEDS 3 MILLION AND 30% OF BUSINESS VOLUME
Lightened the rule that provided for the prison for the great tax evaders. For the judge to block the suspended sentence, not only must the evasion exceed 3 million euros, but the amount of the tax evaded must also be greater than 30% of the turnover. It seems that Silvio Berlusconi wanted this corrective.
CUT INDEMNITIES FOR CONSTITUTIONAL BODIES UNTIL 2013
The reduction of 10% of the allowances for positions exceeding 90 thousand euros and of 20% of those exceeding 150 thousand euros will be valid for Parliament, the Government and the judiciary and until 2013. The presidency of the Republic and the Constitutional Court remain excluded from the squeeze.
SKIP THE RULE ON CERTIFICATIONS OF PUBLIC ADMINISTRATION DEBT
Skip the rule that required public administrations to certify their debts with companies that request it. The measure risked having a negative impact on public debt, also giving banks the possibility to redeem these debts.
