Pensions, taxation, development, political costs and the great void of liberalisations. These are the fundamental chapters of the Monti manoeuvre. Friday the Chamber has given the green light to the new package of recovery and economic recovery measures: now the ball passes to the Senate for a second reading in record time. The assembly of Palazzo Madama should give the final ok on December 23, just in time to avoid the Christmas break. At that point the save-Italy decree will be law.
Now let's see point by point what are the interventions foreseen by the text:
PENSIONS
Pro-rata contribution for everyone. From next year, social security checks will be calculated using the contributory method, which is less advantageous than the salary method. Basically, the contributions actually paid and the average life expectancy at the time of retirement will be taken into account. With this measure - confirmed today by the Minister of Welfare, Elsa Fornero - the Dini reform of 1995 is extended to all workers.
Abolition of exit windows for pensions. Minister Fornero called them "a useless Byzantinism". Thus the mechanism established by the 2010 maneuver, which provided for the "effective date" of 12 months for employees and 18 for the self-employed, will no longer exist.
Flexibility in private outgoing. Women will be able to retire between the ages of 62 and 70, men between 66 and 70, but there are disincentives for those who decide to leave their jobs early and incentives for those who choose to stay. Thanks to an amendment to the maneuver, those who choose to retire from work up to two years before their 62nd birthday will see their allowance reduced by 1% instead of 2%. After two years in advance "the annual percentage is raised to 2 percentage points for each additional year in advance with respect to two years".
Pensions, female employees in the private sector and self-employed women. From next year, female employees in the private sector will have to be 62 to qualify for the old-age pension. The age will rise to 63 and a half from 2014 and to 65 from 2016. Equal treatment for men and women employed in the public sector (66 years) will arrive in 2018. As regards self-employed women, the old-age pension will reach 63 and a half years in 2012, 64 and a half years since 2014 and 65 and a half years in 2016. Also in this case the threshold of 66 years will be reached in 2018.
Retirement pensions. From 2012 men will need 42 years and one month of contributions, 41 and one month for women. Thus, the "quota" system introduced with the 2007 reform is abolished. In any case, those who have met the age and contribution seniority requirements by 31 December under the legislation in force before the effective date of the maneuver will be able to access to the pension benefit under the old system and may ask the institution to which they belong for certification of this right.
The pension reform also sets the goal of reaching a retirement age of no less than 2022 by 67. So from next year the age will be increased to 66 years for men and 63 years for women, with a straight cut of three years. For women, the age will increase by one year every two to converge with men in 2018. For self-employed women, it will go from 60 to 63 years, before reaching 66 years in 2018.
Pensions and inflation. Pensions up to around 1.400 euros (those three times the minimum treatment) are excluded from the revaluation block in 2012 and 2013.
Increase in the contribution rate for artisans and traders. The contribution rate of artisan workers and traders rose to 1,3% in 2012, to then further increase by 0,45% each year and reach the threshold of 2018% in 24.
Golden pensions, solidarity contribution. A 15% levy is coming for golden pensions. The solidarity contribution will apply to the portion exceeding 200 thousand euros per year and will be valid until 31 December 2014.
Accidents, fair compensation and privileged pensions due to service causes. Fair compensation and privileged pensions in the event of accidents at work disappear, but the protection deriving from compulsory insurance against accidents and occupational diseases survives. Three sectors are saved: security, defense and public aid.
TREASURY
VAT: RATES INCREASED FROM OCTOBER 2012
As a guarantee of the savings envisaged in the summer maneuver from the cut in tax breaks, the two-point increase in VAT rates will come from the second half of 2012, which will go from 10 to 12% and from 21 to 23%. Any increase of two points on the VAT rates of 10 and 21% (which would thus pass to 12 and 23%) will take effect from 2012 October 2014, not from September. A further increase of 0,5% is expected from XNUMX January XNUMX.
IRPEF, NO INCREASE
The only change is the increase in regional surcharges from 0,9 to 1,23%. An increase aimed at avoiding the cut of the Health Fund.
SHIELDED CAPITAL TAX
Shielded capital will be subject to a special annual stamp duty of 4 per thousand. For 2012 the rate is set at 10 per thousand, while the following year it will rise to 13,5 per thousand. The tax will be paid in two equal installments: the first by 16 February 2012 and the second by 16 February 2013.
TAX ON THE FIRST HOME, THE ICI-IMU IS COMING
Since 2012, the Imu (Single municipal tax, a federalist variation on the ICI issue) has arrived with a rate of 0,4%. The deduction for the payment of the Imu on the first home increases by 50 euros for each child under 26 years of age. The deduction thus rises from 200 euros up to a maximum of 400 euros.
INCREASE ON THE SECOND HOUSE
The ICI rate rises to 0,75%.
REVALUATION OF CADASTRAL INCOME
It will be equal to 60%.
STAMP DUTY ON ANNUAL ACCOUNT STATEMENTS
From 2012 January 34,20, for natural persons, the 5.000 euro stamp duty on annual account statements – already envisaged for normal bank and postal current accounts – will also be extended to savings books. The fee is not foreseen for deposits of less than 73,8 euros. For companies and legal entities, on the other hand, the tax on current accounts rises from 100 to XNUMX euros a year.
MINI ASSET ON FINANCIAL PRODUCTS
Virtually all financial products will be affected: investment funds, life insurance policies, government bonds, various bonds. From 2012, the levy will be one per thousand per year, calculated in proportion to the investment and, where possible, on the market value, rather than on the nominal or repayment value. The rate passes to 1,5 per thousand in 2013. Only healthcare funds, pension funds and interest-bearing postal savings bonds with a reimbursement value of less than 5 thousand euros remain excluded.
In this area, the main innovation is the cancellation of the maximum limit to pay for taxpayers, which had previously been set at 1.200 euros. On the other hand, the minimum threshold remains unchanged at 34,2 euros, the same amount as the stamp duty on current accounts. Lastly, the same rate and same calculation method apply to natural persons who hold investments abroad. There are only two differences: the one per thousand levy will also be applied to the current year and it will be possible to deduct any assets already paid abroad.
EQUITY OF 0,76% ON PROPERTIES ABROAD
A tax of 0,76% will immediately apply on the value of properties located abroad and intended for any use by natural persons residing in the territory of the State. The government's amendment to the maneuver provides for it. To pay the tax is the owner of the property, or the holder of another real right on the same.
The tax is calculated on the value of the property and the value consists of the cost resulting from the deed of purchase or from the contracts, and, failing that, according to the market value observable in the place where the property is located. A tax credit is due equal to any assets paid in the State in which the property subject to the made in Italy levy is located.
ANTI EVASION REGULATION: TRACEABILITY AT THOUSAND EUROS
The limit for tracking payments is reduced to 1.000 euros. Furthermore, even salaries, pensions and fees exceeding 1.000 euros will not have to be paid by the public administration in cash.
FUELS, STANGATA HAS ALREADY ARRIVED
The increase in excise duties on fuel is already a reality. The increase is significant: the rates on petrol rise to 704,20 euros (+8,2 cents per litre), those on diesel to 593,20 euros per thousand liters (+11,2 cents), those on auto LPG to 267,77 147,27 euros per thousand kilos (equal to 0,00331 euros per thousand litres) and that on methane for cars at XNUMX euros per cubic metre.
TAX: ONE YEAR MORE FOR ASSESSMENTS ON THE AMDON 2003
The tax authorities will have one more year, from 31 December 2012 to 31 December 2013, to carry out the assessment activities connected with the compulsory recovery of uncollected sums with the amnesties and amnesties provided for by the 2003 Finance Law.
EQUITALIA, END OF THE AUCTIONS
The assets expropriated from tax debtors will no longer be auctioned by Equitalia but will be sold by the taxpayer, who will then deliver the proceeds to the Agency.
MORE INSTALLMENTS FOR COMPANIES IN DIFFICULTY
Companies in difficulty that are late in paying the bills to Equitalia will get a further extension of 72 months.
CIGARETTES SAFE, INCREASE ON LOOSE TOBACCO
Increases the price of smoking tobacco, the one that is sold in bulk to make cigarettes. No increase, however, for normal packages. An amendment by the rapporteurs to the maneuver provides that the recalculation of the excise duty on smoking tobacco will serve to cover the easing of the so-called luxury tax, which affects high-powered cars and boats.
INCREASE OF THE STAMP FOR SUPERCARS
From 2012 January 20, a super tax on luxury cars will be applied. The increase will be equal to 185 euros for each kilowatt above XNUMX.
BOAT TAX
From May 2012, 7 the tax on boats will arrive. Pleasure boats from 10,01 meters to 12 meters in length will have to pay 12 euros per day, 12,01 euros for those from 14 meters to 40 meters in length, 14,01 euros for those from 17 to 75 meters, 17,01 euros for those 24 at 150 meters and 24,01 euros for those from XNUMX meters onwards.
TAX ON PRIVATE AIRCRAFT
An annual tax is created on private aircraft registered in the national aeronautical register.
LIRA IN RELIEF OF THE EURO, IMMEDIATE PRESCRIPTION
The maneuver establishes the advance prescription of the lire in circulation in favor of the Treasury. "The banknotes, banknotes and lira coins still in circulation - we read - are prescribed in favor of the Treasury with immediate effect to be reassigned to the Government bond amortization fund". The total, according to Bank of Italy data for May 2010, amounts to 1,3 billion euros.
DEVELOPMENT
IRAP NEWS
The tax exemption of the Irap impact on business results is expected.
ENTERPRISES, WOMEN AND YOUNG PEOPLE'S RECRUITMENT BONUS
Hiring women and young people under the age of 35 on a permanent basis will allow Italian companies to deduct 10.600 euros on each new contract. The figure rises to 15.200 for companies in Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sardinia and Sicily.
GUARANTEE FUND
The Guarantee Fund for enterprises is significantly strengthened.
THE RETURN OF ICE
The Institute for Foreign Trade is resurrected, whose task is to support the process of internationalization of companies.
BANKS: THE STATE GUARANTEES LIABILITIES AND BONDS
The State will guarantee the liabilities of the Italian banks and their obligations for the credit institutions that request it, subject to scrutiny by the Bank of Italy. The guarantee will be valid for a period of between 3 months and five years for liabilities and seven years for newly issued bank bonds.
STATE GUARANTEES ON BANKITALIA'S LOANS TO BANKS
The Treasury will be able to issue the state guarantee on the loans disbursed by the Bank of Italy to Italian banks and branches of foreign banks in Italy until 30 June 2012 "to deal with serious liquidity crises".
COMMISSION FOR STORES AT 1,5%
The maximum commission that retailers will have to pay to banks for credit card transactions cannot exceed 1,5%.
TRANSPORT AUTHORITY
Competences on road and motorway networks enter the supervision of the Transport Authority. Furthermore, within six months the government issues the provisions aimed at an efficient regulation in the transport sector and access to the relative infrastructures.
CIVIL PROTECTION, 57 MILLION IN 2012
Drawing on the funds of the 8 per thousand donated to the State, in 2012 an additional 57 million euros will be granted to civil protection.
PUBLISHING, THE RULES FOR CONTRIBUTIONS CHANGING
Starting next year, the mechanism for selecting the recipients of resources will be reviewed.
FUNDS TO THE LINCEI AND THE CRUSCA
For 2012, additional funds have also been allocated to the Accademia dei Lincei (1,3 million euros) and to the Accademia della Crusca (700 thousand euros).
POLICY COSTS
PAYMENTS TO PARLIAMENTARIANS, NO CUTS IN MANEUVER
The Government renounces to influence the costs of politics with the maneuver to bring them into line with the European average. An amendment filed this morning provides for the Chambers to cut the allowances of deputies and senators, no longer a decree from the Executive. However, no term is specified.
CEILING FOR SALARIES IN THE PUBLIC ADMINISTRATION
It will be equal to the remuneration of the first president of the Court of Cassation (311 thousand euros). A cap will also be established for the managers of unlisted public companies.
PROVINCES, GOODBYE FROM 31 MARCH 2013
The new text establishes that the bodies in office will expire by 31 March 2013. Furthermore, it postponed from 30 April to 31 December 2012 the deadline within which the functions of the Provinces must be transferred to the Municipalities or Regions. Lastly, the amendment provides that the Regions with special statutes have "six months" of time to adapt their regulations to the changes in the maneuver on the Provinces. The rules "do not find" instead "application" for the Autonomous Provinces of Trento and Bolzano.
OFFICERS NOT FORESEEN BY THE CONSTITUTION
For the moment, the fees of the councilors of the districts and mountain communities are also saved, who will keep their salary until the end of their mandate. The provision contained in the maneuver which establishes that offices are free of charge in territorial entities not envisaged by the Constitution will enter into force only "starting from the renewal of the entities" envisaged.
AUTHORITY COMPONENTS CUT
The members of the eight authorities will go from 50 to 28.
GOVERNMENT
Government members will declare their assets in full. Mario Monti waives his salary as prime minister and economy minister.
SUPPRESSED ENTITIES
Inpdap and Enpals are suppressed and the related functions are attributed to Inps. The National Agency for the regulation and supervision of water, the Nuclear Safety Agency and the National Regulatory Agency for the postal sector are suppressed and the first two merged with the Electricity and Gas Authority and the third to the Communications Regulatory Authority. The National Tourism Agency (Enit) was also suppressed: its functions and personnel were transferred "without any liquidation procedure, even judicial", to the Ministry of Economic Development. Lastly, the Agency for the third sector, the Agency for the dissemination of technologies for innovation, the National Body for microcredit and the Guarantor Authority for childhood and adolescence disappear.
NO TO LIBERALIZATIONS
TAXI
The previous version of the maneuver provided for the elimination of the territorial constraint for taxis, admitting the possibility for each license holder to work even in cities other than their own. The taxi drivers had immediately organized protests and today the remedial amendment arrived: "The transport of people - we read - by non-scheduled public bus services" is excluded "from the scope of application" of the liberalisations.
But the match could only be postponed. "Within six months of the entry into force" of the maneuver, in fact, urban mobility services (including taxis) will fall within the ambit of the broader "provisions aimed at achieving complete liberalization and efficient regulation in the transport and access sector related infrastructure".
PHARMACIES
Another amendment blocks the liberalization of class C drugs, which - according to the original text of the maneuver - could also be sold by parapharmacies upon presentation of a medical prescription.
