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Friday 14 May 2021

News preview What's really in Def

What's really in Def

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Contrary to what was believed at the beginning (and how we wrote yesterday too) in the document of economics and finance (Def) approved Tuesday evening by the government we speak vaguely of flat tax but without mentioning the two rates at 15 and at 20%. Instead, it is generally stated that "the government intends to continue, in the draft budget law for next year, the process of reform of income tax (" flat tax ") and the general simplification of the tax system, alleviating taxation borne by the middle classes. This respecting the public finance objectives ».

The document also hypothesizes the introduction of the minimum wage and a tax amnesty for companies. The provision on repayments to bank fraudsters and the Crescita and Sbloccacantieri decrees have been postponed. Public debt growth confirmed in 2019, up to a GDP ratio of 132,8%. As regards VAT, the Def limits itself to affirming that resources will be found by cutting a little tax deductions and trusting in minimal growth (among other things, a tendential GDP increase of just 0,1% is expected and growth of 2019% in 0,2).

salvini count of maio
Salvini, Conte and Di maio

Yesterday, at Palazzo Chigi, the Prime Minister Giuseppe Conte, before leaving for the Brexit summit in Brussels, had lunch with Salvini and Di Maio. Between courses, two hours were left at the table. The issue of VAT has been addressed. According to Conte, "an increase can be avoided by focusing on spending reviews and tax expenditures". Salvini is more confident that he reiterated: "VAT does not increase, there are no taxes on housing and there are no taxes on savings: the government will take the money from growth because we are one of the best countries in the world". And if not, the League leader announced a plan B: «We are also thinking about the change of some European parameters because living in a cage is not for me and it is not for the Italians. You cannot live under blackmail, under threats and under constraints. One of the solutions is to change European rules ».

«The Def approved on Tuesday reports the public finances in October, when the clash with Brussels broke out. With two more unknowns. The path of descent of the deficit, from 2,4% this year to 1,8% in 2021, is identical to the road traced in the autumn. But the starting point of the debt is 2,8 GDP higher than the Nadef 2018 plan. And above all the numbers are linked to a series of extra measures that between this year and the next must bring the beauty of 46,6 , XNUMX billion to the cause of deficit and debt. Without these aids, all the parameters would aim decidedly high, opening further risks for the reception of our public accounts in Europe and above all on the markets "[Rogari e Trovati, Sole]

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