Entrepreneurs will have 2 days extra time to recover the liquidity required to honor the tax demands. A not insignificant problem, given that the economic amount to be paid will be extremely demanding.
The CGIA Studies Office reports that between the payment of the 2017 balance and the first advance this year, companies will be required to pay the IRES (Income Tax of joint stock companies), while self-employed workers and other recipients of income will have to pay the personal income tax and the additional regional and municipal personal income tax. Furthermore, all entrepreneurs will be required to pay the balance of last year and this year's deposit of Irap (Regional tax on production activities) and the registration for the year 2018 with the Chambers of Commerce. Therefore, a total revenue of 19,2 billion euros is expected in the public coffers (see Table 1).
The coordinator of the CGIA Studies Office, Paolo Zabeo, declares:
“It will not be easy to overcome the tax jam of early summer unscathed. Monday will be a real stress test that will put a strain on the financial strength of many small and micro enterprises that are traditionally undercapitalized and short of cash. We hope that in a reasonably short time the new government will drastically cut taxes and decide to distribute the tax deadlines over the whole year which, however, continue unreasonably to be concentrated especially in June and November ".
This year, however, tax legislation allows you to pay taxes within the 20 of August, with an increase of 0,40 per cent as interest.
A little more time than the canonical 30 additional days normally allowed, as the date falls in early August and automatically moves to the 20th of the same month in compliance with a rule that for some years has established that all tax obligations that expire between 1 and 20 August can be carried out by this last date.
In 2018, therefore, the possibility of delaying the payment can be done by paying 4 euros more for every 1.000 due to the tax authorities. An option that companies can "benefit" until August 20.
The CGIA informs that the estimate of the revenue reported in the 1 Table also takes into account the tax behavior held by the entrepreneurs in the previous years.
In addition to taxes, the CGIA points out, in Italy the problem is also the weight of fiscal oppression that hinders the daily activity of companies. Net of the rates applied by the accountants for keeping company accounts, according to a survey carried out periodically by the Presidency of the Council of Ministers, the cost of the tax bureaucracy (obligations, declarations, certification of payments, keeping of records, etc.) entrepreneurs amounts to around 3 billion euros per year.
“In general - reports the CGIA secretary Renato Mason - in no other European country is a fiscal effort like the one in Italy required. Although our civil justice is very slow, the bureaucracy has reached unbearable levels, the Public Administration remains the worst payer in Europe and the logistic-infrastructural system registers appalling delays, the fiscal loyalty of our companies is, however, very high. "
And in view of the approval of the "dignity decree" which, according to rumors, should take place at the beginning of next week, the CGIA Studies Office has estimated the lower annual expenses that companies will benefit from at just over 1 billion euros. abolition of some tax items. With the cancellation of sector studies, for example, companies will obtain an advantage of 820 million (amount attributable to the spontaneous adjustment of taxpayers to the results of sector studies - year 2017). From the elimination of the split payment, on the other hand, the reduction of costs due to lack of liquidity will allow production activities to save around 200 million and another 45 million from the cancellation of the profit meter (annual cost that companies working with the PA must bear to liquidity shortage).
Also, continue from the CGIA, it should be noted that the abolition of the spesometro had already been announced by the Government Gentiloni following the introduction of electronic invoicing that will start from the next 1 January 2019.
And even the farewell to the sector studies was expected even by the Renzi Government: always from the beginning of next year, in fact, it is expected to be replaced with the indices of fiscal reliability. Therefore, the advantage of 820 million euros is "potential" as it will depend on the economic impact that the aforementioned reliability ratios will have.
The split payment, however, is a technical measure that was introduced in the 2015. Remember that once a work, maintenance, service or supply of goods has been completed by a Public Administration, the private company must issue an invoice with VAT. The novelty established by the split payment is that VAT is no longer collected by the entrepreneur, but must be paid to the tax authorities by the public purchaser.
Therefore, the companies that work mainly with the PA were no longer able to collect VAT with the result that the availability of liquidity decreased. The VAT collected, however, did not remain in the coffers of the companies, but was paid to the tax authorities within the month or quarter following the payment of the invoice. Basically, it was a round game.
However, this "phasing out" between collection and payment allowed companies to recover the value added tax paid on purchases / services received and to continuously dispose of a fair amount of financial resources to face the most immediate payment needs. . In the last few years, however, this faculty was no longer possible. Now with its cancellation, companies will be able to benefit from greater liquidity.