rates down and cuts to ceilings, what will change with the stop to automatic discounts

As in a mosaic, the reform of building bonuses is taking shape, which the government will most likely present with the next budget law….

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Like a mosaic, the reform of building bonuses is taking shape, which the government will most likely present with the next budget law. First it was the Minister of Economy, Giancarlo Giorgetti, who announced the end of the automatic tax discount mechanisms. A line also supported by the PBO, the Parliamentary Budget Office. And now it is the director of the Department of Finance, Giovanni Spalletta, who provides other pieces of the puzzle. Speaking yesterday at a hearing in the Senate, Spalletta explained that in future subsidies for construction it will be necessary to say goodbye to “excessively generous rates”. Like those, so to speak, of the Superbonus. Not only. Spalletta revealed how in the technical office his department had suggested limiting all construction bonuses to 50%, with only very few exceptions at 60 and 70%. But he also explained that in the future “more stringent limitations on spending ceilings” and on work deductions may be necessary, while “the transformation of tax credits into direct contributions” will have to go through “prior authorization procedures”. That is, the line supported by Giorgetti, without automatisms. In short, the work on reform has begun. And the changes could also concern the “concessions expiring on 31 December 2024”.

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THE STRATEGY

The urgency derives from the fact that the legacy of the Superbonus weighs heavily, with a cost that has broken through the threshold of 160 billion euros and which also cuts the margins for the next budget, where the government will have many difficulties in confirming measures such as the wedge tax or expand the tax cut. Instead «on the fraudulent use» of credits, again yesterday in the Senate the director of the Revenue Agency, Ernesto Maria Ruffini, explained: «On the building bonuses we have intercepted scams amounting to around 15 billion euros together with the financial police: of these , thanks to our preventive controls, 6.3 billion euros were identified and discarded before the fraud occurred; 8.6 billion were instead subject to seizure decrees by the judicial authorities.” The Agency points out that these figures were “frozen” before entering the economic circuit. Ruffini himself then announced that “the first notifications have been sent to recover the compensation for the superbonus”, while further checks will lead to “the issuing of other recovery documents against those responsible”. Instead, the scams relating to Ace credits amount to 100 million.

GOVERNANCE

Returning to the reform of benefits, Spalletta explained that “invoice discount and credit transfer mechanisms” are no longer compatible with the new European fiscal governance. It is no coincidence that the Mef had to insert – as in the latest Superbonus decree presented by Giorgetti last March – a series of limits, limiting the exemptions to a minimum, as in the case of those who have already started the works and of the works in the municipalities of seismic areas. Stakes which, however, will have a smaller negative impact than the one feared. “The percentage of completed works – reported Spalletta – has so far been 95.2%: it follows that approximately 5% of the works will probably be completed in 2024 with the reduced rate of 70%”. And always looking to the future, the president of the Senate Finance Committee, Massimo Garavaglia, suggests “a greater involvement of the Municipalities in the checks”. Hypothesis that Ruffini also likes.

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