Questions and answers: from the discount on the invoice to the transfer of credit, what remains of the Superbonus
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The government is running to remedy the risks of new account overruns by the Superbonus and tax and energy bonuses. «Regulations created in a reckless manner and which have produced devastating results for public finances», says Economy Minister Giancarlo Giorgetti bluntly. “Someone smiled about stomach ache – he adds – I confirm that it hurts me and all Italians very badly.”
1 What happened yesterday?
The Council of Ministers surprisingly approved a new decree on building bonuses, brought out of pocket. The discount on the invoice disappears, the preventive declaration arrives, the compensations with the Ace benefit (which concerns businesses) are blocked, the credits are first compensated with any ‘tax assessments’. The measures – Giorgetti says clearly – “are aimed at definitively closing the excessive generosity” of the measure. In fact, a tombstone on future risks and the current effects of which “we will be able to definitively account for in a few days when the window for all invoices and work carried out by 31 December 2023 loads”.
2 What were the public finances at risk?
The decision comes looking at the new forecasts that the government will make shortly with the Def, in April, and for which Eurostat’s evaluation of the bonus accounting criteria is also awaited. Rumors speak of further overruns of 10 billion. «The bill is already very high – admits Giorgetti, reiterating the alarms already raised in the past – Even if someone is enthusiastic about it, the price for public finances and the debt will weigh heavily for several years to come. The objective of this decree is to put an end point with respect to the impact on 2023, without prejudice to Eurostat’s definitive assessments.”
3 Does the regularization in bonis skip?
Yes. Giorgetti has reeled off the measures: every type of invoice discount and credit transfer has been eliminated for all types that still included it, not just for the super bonus. The “in bonis” regularization is therefore skipped, with mini sanctions foreseen for failure to communicate until 15 October. Then there is preventive communication “to have early monitoring of the phenomenon and not only when the invoices are uploaded”.
4 What happens to the credits?
They will be subtracted first from the “debts” i.e. from the roles definitively registered in the tax bills.
5 But is there a new squeeze?
Yes, a new limitation has arrived which blocks a newly identified fraud mechanism: «There is a limitation on the transfer of the Ace credit (Aid for economic growth recognized to businesses, ed.) because we have started to notice fraudulent use of this facility which is also eliminated by the tax reform” says Giorgetti.
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