In 2019, the application of the budget bill will result in an increase in revenues of 6,2 billion for Italian companies: of which approximately 4,5 billion for non-financial companies and almost 1,8 billion for banks and insurance companies .
To say it is the Study Office of the CGIA that has come to these results after measuring the tax effects on companies of each individual article in the budget bill.
Well, among new measures that will weigh the taxation, the removal / deferment of others that should have been applied and the introduction of news that will lighten the levy, in the 2019 Italian companies will receive an increase in revenues of 6,2 billion.
Things, on the other hand, will get better in 2020, when the growth of the levy will be reduced to only 374 million euros, to completely change sign in 2021, when the business system, banks and insurance companies will benefit from a decrease in the tax levy for an amount of approximately 1 billion euros. Says the coordinator of the Studies Office, Paolo Zabeo:
“The discontent that winds through the business world finds some justification in the results that emerge from this research. In the election campaign, especially in the North, in addition to the issue of security and the dismantling of the Fornero law, Lega and 5 Stelle met with strong consensus among the voters because they had pledged to heavily cut taxes. If with this maneuver and with the safety decree a good part of these commitments have been maintained, on the front of the reduction of taxes, however, the expectations, especially of small and medium-sized entrepreneurs, have been sensationally disregarded ”.
From the CGIA they say that in the 2019 the tax burden is destined to stand at 41,8 per cent. However, this forecast could rise if GDP growth is lower than the programmed value.
“Of course - reports the Secretary of the CGIA Renato Mason - with the budget law currently under discussion in the Chamber, the flat tax was introduced in favor of self-employed workers with revenues of less than 65 thousand euros per year. Despite this, in 2019 the tax relief will be only 331 million euros. A small step in the right direction which, however, still remains completely insufficient, even if the tax savings will be 1,3 billion euros when fully operational ”.
However, it should be remembered that with the 2019 maneuver the increase in VAT for an amount of 12,6 billion euros was sterilized. If this had not happened, the increase in rates would not have had direct effects on businesses, even if, most likely, consumption would have decreased further, negatively affecting the revenues, in particular, of self-employed workers, artisans and small traders. who live almost exclusively on household consumption.
From the analysis of the individual articles it emerges that in 2019 the most negative measure for companies is the repeal of the IRI (new tax on the income of partnerships with a rate of 24 per cent) which, after a series of slips that occurred in the last legislature, was to come into effect next year. Failure to introduce this new tax will not allow these small businesses in ordinary accounting to reduce their tax burden by almost 2 billion euros (Article 82).
Large companies, on the other hand, will suffer an increase in significant revenues, following the deferral of both the deductibility of the amortization quotas relating to the value of goodwill (Article 87), and the deductibility of reductions in the value of loans and other financial assets ( art. 85). While the first measure will cost companies 1,3 billion euros, the second will cost almost 1,2 billion euros.
Banks and insurance companies will also suffer a severe blow that risks "pouring in" to depositors and investors. The deferral of the 2018 to the 2026 of the deductibility of the share of losses on receivables and writedowns relating to previous years will entail an increase in revenue of the same amount as 950 million (Article 83). The insurance companies will also see the increase in the amount of the advance payment of the tax to be paid to the Treasury for a cost of 832 million euros (Article 84).
