Gualtieri: "new objective signal for a strong rebound in the third quarter"
The provisional data on tax revenues acquired as of 20 August show a trend that is higher than expected and an overall situation in the process of improving for the Italian economy. In fact, in August 2020 there was a 9% increase in income paid by taxpayers with the F24 model compared to the same month in 2019, supported by the good performance of personal income tax and IRES paid in self-settlement.
The revenue figures for taxes paid in self-settlement, still provisional but realigned to take into account the different payment times in the two years considered, show an increase in personal income tax by 3,3% and Ires by 4,8%, while IRAP shows a negative change of 49% linked to the measure of the 'Relaunch' Decree which canceled the payment of the 2019 balance and the first installment of the 2020 advance for companies with turnover not exceeding 250 million. Net of the change in IRAP, the self-settlement revenue is therefore higher than 2019 by approximately one billion euros.
F24
In this context, an overall better result than forecasts is also linked to the payments made by Isa taxpayers, whose revenue was lower than that of 2019 for a limited amount of about 700 million, a figure concentrated in the balance payments.
ISA
The August VAT payments of taxpayers who pay on a monthly basis (referring to transactions carried out in July) also show positive signs, which appear in line with the same month of 2019: a first signal in the direction of a possible trend reversal in coming months which could bring the payments to positive values compared to last year. Overall, in August the VAT revenue on internal exchanges shows a limited decrease of 5,3%, entirely attributable to the payments of the quarterly taxpayers, who in August paid the VAT relating to the operations of April, May and June, in which many of the businesses have been subject to closure.
Withholdings from employees show substantial stability, with a limited decline of around 150 million, which derives from the 6,7% decline in private sector withholdings and the 6,3% rise in those of the public sector, into which they converge also the withholdings of private workers who benefit from the redundancy fund, paid by INPS.
"The data on tax revenues are added to other evidence that allows us to hope for a strong rebound in GDP in the third quarter, after the fall in the second quarter confirmed by today's Istat data, which bring a very limited revision to the previous estimate", he comments the Minister of Economy and Finance, Roberto Gualtieri. “Domestic consumption by Italian households in the months of July and August came back to pre-crisis levels, even exceeding them in some components in August. At the same time, business orders and expectations, while remaining below normal, rose further in the two-month period. I believe that the country system must be acknowledged for having worked together to cope with an unprecedented situation. I would like to thank the intermediaries in particular for the extraordinary work done in these difficult months, to ensure that citizens and businesses benefit from the measures prepared by the Government and Parliament. The Covid crisis is not over, but the results obtained so far spur us to go forward with great commitment to better face the next few months, which promise to be very demanding but from which our country can emerge further strengthened ".