The Italian response to the ECB's requests is on its way. The Council of Ministers has approved the anti-crisis decree which will allow us to anticipate the balanced budget from 2014 to 2013. It is an additional maneuver compared to the one approved just over a month ago, which will bring 45 billion to the state coffers euros: 20 in 2012, 25 in 2013. As explained by Giulio Tremonti, the goal is to reduce the deficit "from 3,9 to 1,6% in 2012, to then break even the following year". A goal to be achieved "through reductions in spending and not with tax increases, which would not be considered valid by Brussels". The revitalization strategy also envisages interventions for development (liberalization, flexibility and corporate bargaining) and a constitutional bill amending articles 41 (freedom of economic initiative) and 81 (to include the requirement of balanced budgets), as well as to the delegation for the reform of the welfare system.
Here are the first leaks:
"SOLIDARITY LEVY" OR "SUPERTAX": ADDITIONAL IRPEF
It has nothing to do with either a property tax or the 1997 Prodi Eurotax. It is an additional personal income tax for self-employed workers with incomes exceeding 55 euros. The increase starts from the rate of 41% and is currently envisaged on an experimental basis, but could become a permanent intervention. For private sector employees, on the other hand, a 5% increase is expected for incomes between 90 and 150 thousand euros a year. Beyond this figure the rate increases to 10%.
FINANCIAL INCOME: HARMONIZATION AT 20% OF RATES
Withdrawals on shares, bonds and funds increased by 7,5% (currently at 12,5%) and those on bank and postal deposits decreased by 7% (now at 27%). The only securities not affected by the level are BOTs and BTPs, which continue to be taxed at 12,5%. The risk that investors will stop buying our government bonds is obviously already high enough.
DEROGATION FROM NATIONAL CONTRACTS
Extension 'erga omnes' of company contracts, which will thus be able to derogate from national ones and part of the Workers' Statute. The delegation for the Statute of works would no longer be envisaged.
PENSIONS, ADVANCE RAISE OF AGE OF WOMEN
Raising the retirement age for women in the private sector from 60 to 65 from 2015 instead of 2020 (deadline set in the July package). This is a soft increase that will only be completed in 2027. There are also measures to disincentivise old-age pensions, with the requirement of 2012 years between the age and years of contributions brought forward to 97.
NO THIRTEEN FOR PA WHICH DOESN'T COMPLY WITH EXPENDITURE CUTS AND TFR DELAYED BY TWO YEARS
Stop the payment of thirteenth month salaries for public administration employees who do not meet the spending reduction targets. Public employees will also receive their severance pay two years late.
CUTS TO MINISTRY
In all their value exceeds 8 billion. The levy to the ministries will generate 6 billion in 2012 and 2,5 in 2013.
CUTS TO LOCAL AUTHORITIES
The cuts in transfers to local authorities will be 6 billion in 2012 and another 3,5 in 2013. The health sector is excluded from the levy. For the Regions, the reduction is one billion.
PROVINCE CUTS
Stop for all the provinces established but not operational and abolition of those that have less than 300 thousand inhabitants (34 in all). Furthermore, the "suspension of the processes of establishing new provinces and the unification of the smaller ones is foreseen".
COMBINATION OF 1.500 MUNICIPALITIES
Municipalities with less than a thousand inhabitants will be merged, with mayor also councilor.
HUNT FOR THE EVADER: TIGHTEN ON TRACEABILITY AND SANCTIONS
Anyone who does not issue invoices or receipts can also be punished with more severe penalties, up to suspension. Further traceability of all transactions exceeding 2.500 euros is also envisaged, with communication to the Revenue Agency of the operations for which the application of VAT is envisaged (the so-called 'spesometro', already in force since XNUMX July).
MIDWEEK LAY CELEBRATIONS MOVED TO MONDAY
May XNUMX, June XNUMX, April XNUMX: non-religious holidays, if midweek, are moved to Monday.
FAS FUND CUTS IN ADVANCE OF ONE YEAR
One year advance of the reductions of the Fas funds (Fund for underutilized areas).
LOSSES
For companies, the possibility of reducing losses is reduced to 62,5%.
LOCAL PUBLIC SERVICES
Measures for liberalization are introduced, with incentives for privatisation.
