Bank of Italy in the Senate: any intervention on bonuses has effects on the state budget


For Palazzo Koch “every possible measure, if not covered by new revenues or lower expenses, must be evaluated in terms of public finances because the debt is high”. Furthermore, it appears “appropriate to verify the effective usefulness of the numerous tax concessions in place. An exercise that could be included in an organic tax reform, long overdue in our country”

The Superbonus has had “a significant impact on the construction sector” and “about half of the investments that benefited from it would not have occurred in the absence of the incentive”. But “the costs of the measure for the public budget are still considerable”, and have grown in the two-year period, “reflecting the strong acceleration in the use of the measure”. This was said by Giacomo Ricotti, head of Bankitalia’s tax assistance and consultancy service, in a hearing in the Senate.

“Contained margins for fiscal policy”

According to the Bank of Italy, “any revision of existing subsidies has effects on the budget and if not covered by new revenues or lower expenses, it must be evaluated in terms of public finances because the debt is high”. The dynamics of the debt, explained Ricotti, “will be affected by social spending, rising interest rates, the pace of economic growth. In the medium term, the margins for budgetary policy are limited and must be used in the best possible way to encourage growth by continuing consolidation,” he added.

“Tax reform is also needed for tax breaks”

Therefore, it appears “appropriate to verify the effective usefulness of the numerous tax concessions currently in place. This exercise could be part of an organic tax reform, long overdue in our country, which supports growth, encouraging the supply of labor and the ‘business activity”: According to Ricotti, “the revision of the concessions would contribute to the simplification and rationalization of the regulatory framework, guaranteeing certainty in the application of the rules and coherence of the tax system”.

“Limit on assignment has penalized virtuous companies”

In any case, the assignment of the credit obtained a double effect. If “in the first phase, characterized by a practically unlimited circulation of tax credits, huge volumes of fraud were recorded” which led to legislative interventions to stem the phenomenon. However, the limitations on the number and type of sales “have contributed to the achievement of this objective, but have also ended up penalizing virtuous companies”.



Source-tg24.sky.it