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The maneuver for 2021 will also be financed “through the use of resources available by NGEU package, including those of the React-EU, Rural Development and RRF funds. For the latter, the full use of the subsidies made available to our country is foreseen, and the use of loans compatible with the achievement of budgetary objectives ”. This is what we read in the draft of the update note of the Def (Nadef) that ANSA will see soon and that will be at the table of the Council of Ministers tonight.
“It is emphasized – he continues – that the subsidies provide a fiscal stimulus but at the same time are neutral from the point of view of budgetary balances.”
In the adverse scenario of a Covid outbreak, 2020 GDP would decrease by 10.5% instead of the estimated -9%. In 2021, growth would stop at + 1.8% compared to + 6% in the programmatic scenario. This is what we read in the draft of the Def Update.
In the event of a dangerous aggravation of Covid 19 infections the government could opt for “selective closures”. This is what we read in the draft of the NaDef that will arrive at cdm tonight. “In the risk scenario, unlike what was hypothesized in the trend scenario, the recovery of infections observed from August would worsen significantly in the last months of 2020, which would also lead to the achievement of alert levels in terms of to hospital admissions. the law in the paragraph dedicated to the so-called ‘adverse scenario’ – would induce the Government to reintroduce selective closures of some sectors and measures of social distancing ”.
“The resources for financing the interventions foreseen by the budget maneuver for 2021 will be ensured” by “the remodeling of some investment funds and the launch of a program to review and requalify PA spending; the review of some harmful subsidies from an environmental point of view; revenue increases as a result of better compliance, also incentives for the use of electronic payment instruments“.
“The NGEU funds will allow fiscal space to bring the Tax Reform with which the Government has undertaken a reduce the tax wedge on labor, especially for middle and low-middle income. The tax reform will be financed structurally by combating tax evasion and reforming the system of deductions and environmental taxation ”.
The public finance maneuver for 2021 also foresees the financing of unaltered policies not covered by current legislation for around two tenths of a point of GDP, including peacekeeping missions, refinancing of certain investment funds, business crisis fund, etc., and the renewal of some policies that expire. “This is what reads in the draft of the Update of the Def (Nadef) that ANSA could see. The government, says the Nadef,” intends to adopt new politics support for public investment and employment incentives, as well as a plan of structural reforms that are an integral part of the Recovery and Resilience Plan (RRP) – National Recovery and Resilience Plan (PNRR) in Italian – which will be subject to the scrutiny of the Italian Parliament and the European institutions “.
Among the “main” chapters of the maneuver will be “significant resources for the employment and income support for workers, especially in the sectors most impacted by the Covid-19 emergency and with special reference to the first year of programming, 2021 ”. This is what we read in the draft Update of the Def (Nadef), which confirms that the financing of the reduce the tax wedge on employees (the so-called 100 euros) and the price cut in the South already introduced by the decree-law of August, limited to the second half of 2020, is financed.
“Implement a comprehensive tax reform that improves the equity, efficiency and transparency of the tax system also reducing the tax burden on low and middle income, coordinating it with theintroduction of a universal child allowance“It is one of the main objectives of budget policy for the next three years indicated in the draft of the Def Update, which ANSA has read and which will be on the table of the Council of Ministers tonight. We reiterate that “the Government intends to implement” comprehensive tax reform “on the basis of a delegated law that will be an integral part of the PNRR and the related intermediate objectives.”
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