Bank of Italy's gold: from the ECB stops again to the FdI amendment in ManeuverThe "changes made" in a new formulation are not enough: "It is not yet clear what the actual purpose of the proposed revised provision is," the Eurotower reiterates. This sends a message to the government led by Giorgia Meloni: “Reconsider” the The proposalBut the Minister of Economy Giancarlo Giorgetti will soon provide the ECB, perhaps as early as Tuesday, with "all the necessary clarifications" and - according to what is reported by theHandle – would be “confident that everything will be resolved”.
Bank of Italy's gold, ECB halts further
Therefore, the ECB, which had already expressed its opinion on a previous version on 3 December by launching the first stop, continues to dislike the proposal. Frankfurt recognizes "some innovations that address previous observations", in particular "compliance with the articles of the treaty on the management of countries' gold reserves, but doubts remain about the purpose of the law"Despite the changes made," "it is still unclear what the actual purpose is," explains the Eurotower. "For this reason, and in the absence of explanations," Italian authorities are "invited to reconsider the proposal", also in order to "preserve the independent exercise of the fundamental tasks" of the Bank of Italy.
Maneuver, the puzzle gets more complicated
A position that risks complicating the puzzle of the Budget, just as the work in the Senate is getting ready to get going, with the government's package of amendments expected on ThursdayThe final formulation of the amendments is strictly linked to the outcome of the work on coverage. The first dossier on the Ministry of Economy and Finance's table is that of banks e insuranceThe agreement reached in recent days for a contribution of 600 million over two years must be put in writing, which should translate into a further reduction in the deductibility of previous losses. Also impacting insurance companies is the increase – envisaged by an amendment by FdI – ofrate on car insurance policy for driver injury. Further resources are expected from the gradual increase in Tobin tax, from the parcel tax, to the revaluation of land. The fate of the preferential tax on investment gold, however, remains uncertain.
Budget, amendments and the process
The amount of resources will determine the scope for modifying the budget. Corrections are expected regarding the short rentals, with the return of the flat-rate tax to 21% for the first property and the reduction from 5 to 3 of the threshold at which business activity is triggered. Work is also underway on dividends (the restriction would be limited to holdings below 5%), on the exclusion of industrial holdings from the increase inIRAP, on the suspension of the ban on offsetting credits, on the expansion of theISEE exemption on the first home.
They are also evaluated deductions for books and the three-year stabilization of the hyper-depreciation. Meanwhile, the Senate Budget Committee also meets again today, having been convened for the entire week, including Saturday. The intention is to begin the vote immediately after the government's amendments arrive: therefore, barring any delays, perhaps as early as Friday.
