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Reduction of the tax wedge (already at stake), IRPEF reform for the next three years and one-time allowance for children from next year. These are the three pillars of the broad tax reform that the executive headed by Giuseppe Conte and the Minister of Economy, Roberto Gualtieri, are working on. The government intends to adopt a comprehensive tax reform during the three-year period, the reform will be carried out through a delegated law starting in 2021. We are studying the modalities and timing, in conjunction with the parliamentary process, the delegation law concerning the introduction of Single Allowance for Children, Minister Gualtieri said at a hearing in the combined budget committees of the House and Senate, on the preliminary investigation activity for the examination of the update note of the Def (NaDef).
Falling taxes for Italians: how it will happen
Taxes will not increase but will decrease next year, there will be a substantial reduction in income tax for 12 months through the annual extension of the reduction in tax wedge that this year started in July, and will be there taxation of advantages for the South throughout the year. These two elements will already determine a tax reduction. explained the Minister of Economy. Also there Irpef reform points to a tax reduction that we intend to achieve in the three-year period because it will be made up of several modules, but we want the main module, that is, the IRPEF reform, to be operational as of January 1, 2022.
The single allowance for children
The one-time subsidy for children, according to the government’s intentions, will start next year. This is a global reform of aid to families that should lead to a reduction in the tax burden of large families. Here, what is the unique allowance for children and how it works.
The tax reform will be implemented over a three-year horizon through a delegated law that combines two aspects of the tax issue: the rate reduction and theone-time allowance for children, which we intend to adopt as of 2021, the minister reiterated.
Credit moratorium for companies
In the business sphere, Gualtieri added, we are reflecting and evaluating a new extension of the moratorium on loans for companies that currently expires on January 31.
Government estimates on the economy and the impact of Covid-19
The government, within the NaDef, has estimated a fall in GDP for 2020 equal to 9%: Our estimate – Gualtieri explained – is based on a reduction in growth in the fourth quarter and therefore already discounts a increased infections We took for granted in the fall Nello worst of cases incorporated a very strong increase in infections with very marked restrictions in Europe, which today is not the most likely scenario, and in that case our estimate -10.5%.
Our information – he added – tells us that in any case the prospect of a diffusion of vaccinations pretty big for the first half of next year very high.
Public accounts and debt
From the economic point of view, Gualtieri confirmed that the trend in income is better than expected and an expense of less than 10.5 billion, these are deferred charges for the next few years and concern the local authorities, since for the cig only twist will be known. At the end of the year. The minister cited the Istat report on Monday, according to which the Italian economy could indicate a more incisive recovery than other European countries, the economy has done better than others – he stressed – and we believe that the effective containment of the pandemic and the The extraordinary commitment of workers and companies, together with government measures, helped mitigate the impact of the crisis and contributed to a better-than-expected performance.
