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Italian Government Combines Tax Relief For Industry With Tax Collection Measures, by Ulrika Lomas, Tax-News.com, London
Wednesday, July 29, 2009

Italy’s Prime Minister, Silvio Berlusconi, has divulged that his government expects official tax receipts to fall by some EUR37bn this year. Italy’s public sector deficit would be a significant 5% of GDP, which is itself forecast by the OECD to fall by 5.5%. Those figures have placed the balancing act presented by the economic stimulus package of the recent Ministerial Decree into perspective.

The incentives to industry, which if too large would have called into doubt the ability of the government to finance its deficit, are joined by new organisational measures to combat tax avoidance and increase collections.

In order to try to unblock private investment in the recession, 50% of corporate profits re-invested in machinery (excluding factories and vehicles) will be free of tax until June 2010. This measure is expected to cost over EUR2bn per annum. As long as companies act to use the incentives offered, it has been estimated that, as an example, the Italian machine tools sector will see orders rise by some EUR6bn this year, an increase of 30% on the original 2009 forecast.

Furthermore, the package also includes a tax bonus to companies that delay cutting jobs by, for example, increased training, or who hire temporarily laid off workers.

In contrast, the Decree re-emphasises the government’s commitment to combating so-called tax evasion, both national and international. A special unit of the Italian Revenue Agency will be established and will co-operate internationally to further OECD directives against ‘tax havens’. It is the government’s declared intention to propose a further “amnesty” this year for funds held abroad, as long as those funds are repatriated to Italy. At the same time, all funds in ‘tax havens’ are to be considered to be the result of tax evasion, unless proved otherwise.

A comprehensive report in our Intelligence Report series tracing in detail the course of the last six years both globally and at jurisdiction level, explaining precisely what you get - and don't get - for your money in all of the main offshore jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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