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Sunday, February 5, 2023

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The Maneuver will be in the Chamber on Monday. A new tax on insurance appears

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The maneuver will reach the Chambers on Monday and it is probably only then that the measures, large and small, will acquire their completeness, in the regulatory details but also in the amounts, with costs and coverage.

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The new drafts are in fact enriched with some novelties but, precisely under the heading of resources, they are still lacking. The Mef warns that the versions in circulation may not correspond to reality, reiterates that the contents are those already approved in last Monday’s CDM and postpones any evaluation to the final text that will arrive in Parliament for a quick examination at this point in just over a month. Meanwhile, however, the latest version of the maneuver has risen to 155 articles.

Has been added the Imu exemption for occupied houses, as well as an environmental package with for example the extension of the concessions for the purchase of recycled materials. In the chapter infrastructure appears, as announced by Matteo Salvini, the rapid reconstitution of the Strait of Messina Society, which is associated with the halt to previous disputes related to the failed construction of the bridge and the possibility of a capital increase by Anas and Rfi. A clear one acceleration also comes for the Tav, with the deadline of 31 March to obtain the authorization of the Cipess for the third lot, while among the measures in favor of the territories affected by the earthquakes of recent years there is also the extension of the concessions foreseen for Ischia, just today battered by the landslide of Casamicciola.

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Black on white then appear family rules, so far only announced, starting from the strengthening of the single allowance for dependent children. The support will be increased by 50% in the first year of the child’s life. The same increase will also be allocated to large families with three or more children: in this case 50% will come for children aged 1 to 3 but only to households whose ISEE does not exceed 40,000 euros a year. This is an additional detail compared to the information circulated so far. The Guarantee Fund for SMEs will probably also be extended in 2023 with the same functions (the law appears with the wording ‘under evaluation’), but the planned allocation drops to 800 million, compared to the billion previously mentioned

till now. But what is really still missing in the various chapters are the covers. Reading the tables in the budget planning document did not allow for a clear picture of the resources available, additional to those in deficit. And even this latest draft does not define which sources of funding the government will draw on. There will definitely be cost savings, such as those on Income, but the rule on extra profits, which should rise to 35% by changing the taxable base from turnover to profits, still remains empty. At the same time the one on the temporary solidarity contribution, indicated by rumors at 33%, is no longer reported

New levy on insurance
As a form of coverage of the maneuver appears in the latest draft a new insurance levy. The tax on the mathematical reserves of the life business introduced in 2002, initially at 0.20% and modified over the years to reach the current 0.45%, will rise to 0.50%. This is an advance, made by the companies, of the levy on policy returns which falls on the policyholders at the end of the contract. Despite the tax advance feature, the amounts paid since 2002 have never been fully recovered and the sum not returned to the companies’ coffers now amounts to around 10 billion.

The increase intervenes by modifying the rate which has now been stagnant at 0.45% for 10 years, going against the trend of the regulatory interventions which, after 2002, had partially corrected the shot avoiding an excessive burden on the insurance companies. Barely speaking, the proceeds from the hike to 0.50% could be worth a few hundred million. Again as a form of coverage, in another article of the draft, in fact, life insurance policies for classes I and V provide for the possibility of redeeming, with an ad hoc substitute at 14% whose funding is provided by the policyholder, the latent return accrued up to to 2022. A measure which, according to initial calculations, could guarantee a revenue of a few hundred million euros in this case as well.

Source: Ansa

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