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Like a mosaic, the construction bonus reform is taking shape, which the government will likely introduce with the next budget law. Initially it was the Minister of Economy, Giancarlo Giorgetti, who announced the end of automatic tax deduction mechanisms. It is a line also supported by the PBO, the Parliamentary Budget Office. Now it is Finance Ministry Director Giovanni Spalletta who is providing other pieces of the puzzle. Speaking yesterday at a Senate hearing, Spalletta explained that in future support for construction, it will be necessary to say goodbye to “excessively generous rates.” Like those, so to speak, from Superbonus. Not only. Spalletta revealed how his management in the technical office proposed setting all construction bonuses at 50%, with very few exceptions at 60 and 70%. But he also explained that in the future it may be necessary to impose “tighter restrictions on the spending ceiling” and on business deductions, while “the conversion of tax credits into direct contributions” would have to go through “prior authorization procedures.” That is, the line supported by Giorgetti, without automation. In short, the work on reform has begun. The changes could also relate to “privileges that expire on December 31, 2024”.
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The strategy
This urgency stems from the fact that the legacy of Superbonus carries a heavy weight, with the cost exceeding the threshold of 160 billion euros which also reduces the margins of the upcoming budget, as the government will face many difficulties in confirming such measures. Such as a wedge tax or an expansion of the tax cut.
Governance
Returning to the benefits reform, Spalletta explained that the “mechanisms of invoice discounting and credit transfer” are no longer compatible with the new European financial management. It is no coincidence that the Ministry of Finance had to insert a series of restrictions – as in the recent Superbonus Decree introduced last March – limiting exemptions to a minimum, as is the case for those who have already started businesses and works in district municipalities. Seismicity. However, the risk that it will have a negative impact is less than the impact he feared. “The percentage of completed works – according to Spaletta – has so far reached 95.2%: it follows that about 5% of the works will likely be completed in 2024 at a reduced rate of 70%.” Always looking to the future, the head of the Senate Finance Committee, Massimo Garavaglia, proposes “greater participation of municipalities in the checks.” A hypothesis that Ruffini also likes.
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