The director of the Revenue Agency spoke in a hearing to the Finance Committee of the Chamber saying that the “situation refers to the entire system and, therefore, is differentiated with reference to the individual banks”, with some that “have substantially exhausted the fiscal’ for the purchase of further credits, while others would still have wide margins”
“Considering the installments of building bonuses currently available to banks for 2023, equal to around 9.5 billion euros, there would be an ability to purchase and absorb additional building bonuses of around 7.2 billion in compensation”. The director of the Revenue Agency, Ernesto Maria Ruffini, told the Finance Committee of the Chamber, speaking of the Superbonus (LO SPECIAL). “The situation refers to the entire system and, therefore, differs with reference to the individual banks” with some that “have substantially exhausted the “fiscal capacity” for the purchase of further credits, while others still have ample margins”.
The calculations of the Revenue Agency
According to the calculations of the Revenue Agency, in the years after 2023 the banks would have the capacity to purchase and absorb additional building bonuses on an annual basis, on average, equal to 6.9 billion euros for each of the years from 2024 to 2026 and 15 billion euros for each of the years from 2027 to 2031. As for insurance companies, considering the building bonus installments currently available to companies for 2023, equal to one billion euros, there would be an ability to purchase and absorb in compensation additional construction bonuses for 10.2 billion euros on an annual basis. In subsequent years the capacity would be €10.2 billion for each of the years 2024 to 2026 and €11.2 billion for each of the years 2027 to 2031.
“Only in April data on expenses for 2022”
Speaking to the Ruffini commission, he said that “a rather consolidated figure relating to bonuses deriving from 2022 expenses will only be available in the first ten days of April 2023”. The director then recalled that the first sales and invoice discounts of building bonuses relating to expenses incurred in 2022 could still be communicated to the Agency for the entire month of March 2023. For the first sales and invoice discounts published on the platform of the ‘Agenzia delle Entrare, until yesterday “13 million and 511 thousand transactions were communicated” and then subject to checks and “overall the value of the transactions of all building bonuses is 110 billion and 841 million”, reported Ruffini during the ‘hearing.
“In the hands of bonus banks for 51 billion”
According to the data cited by Ruffini, the building bonuses for construction companies amount to a total of 20.39 billion euros, equal to approximately 18.4% of the total. With regard to the banking system, the building bonuses actually purchased and communicated to the Revenue Agency up to now amount to 51.29 billion euros (46.3% of the total). Of these, the installments of the tax credits to be used for the years 2023 and subsequent, equal to 47.73 billion euros, remain with the banks (and group companies).
“It’s a complex matter on problem loans”
According to the director, “the media talk about problem loans”, but the credits communicated to the Revenue Agency by construction companies, banks and the insurance sector “are not credits that are necessarily problem loans, but have been acquired and are due to expire this year per year from here to ten years”. During his speech Ruffini then added that “the issue is to free up the fiscal capacity of these subjects to be able to buy others” and that “clarity is needed, otherwise it seems that there are 110 billion of problem loans but in reality the matter is more complex” .
“Few purchases in insurance”
As far as insurance companies are concerned, Ruffini specified that those which “up to now have purchased and kept building bonuses in their portfolio are limited in number compared to the total (15 companies out of 120 subjects with annual recurring debts greater than 5 million euros) and none has exhausted the ability to purchase and offset building bonuses”. Furthermore, “some companies of significant size, despite having the capacity in theory, have not yet appeared to have purchased and kept building bonuses in their portfolio”.
Source-tg24.sky.it