Budget Bill, ABI: tax measures totalling 22 billion to be introduced for banks from 2025. “A fundamental rethink is needed”

To consider allowing families with minor children born before 2027 to access the Newborns’ Fund as well, albeit without the state contribution of 100 euros per year, whilst retaining the option to claim tax relief on sums paid into the fund. This was stated by the Director-General of INPS, Veleria Vittimberga, during a hearing before the joint Budget Committees of the Chamber of Deputies and the Senate, acknowledging that there is a ‘particularly significant commitment by the Government’ towards young people.

“This would avoid,” he explained, “any disparity between siblings born before and after 2027.” The INPS estimates that 356,000 new entries will be made to the Newborns’ Fund each year.

‘Given the time required for the renewal of pensions – which has already determined the calculation of the January instalment – and in line with practices adopted in the past to ensure the correct application of the mechanism, the Institute will, from January, apply the adjustment only to pensions amounting to up to four times the minimum pension. By the first quarter of 2027, the Institute will recognise, by means of a supplementary payment to pensioners, the differences arising from the application of the revaluation under the new rules to the other groups (pensioners with pensions exceeding four times the minimum pension)’. This was stated by the Director-General of INPS, Veleria Vittimberga, during a hearing, whilst discussing the change to the system of automatic revaluation of pension benefits.

‘It is good to see the confirmation of certain measures from the previous budget, particularly in the areas of taxation and employment, such as the exemption from tax on contractual pay rises, tax relief for night work, work on public holidays and shift work, and the supplementary allowance for workers in the tourism sector. However, we need to make the IRPEF cut for the middle class a permanent measure, extend the second tax bracket up to 60,000 euros, gradually exempt thirteenth-month bonuses from tax, and immediately reduce energy costs. These measures are necessary to support households’ purchasing power, boost consumption and safeguard the competitiveness of businesses, particularly smaller ones.’ This was stated by the vice-president of Confcommercio, Donatella Prampolini, during the hearing on the 2027 budget.

On the subject of taxation and employment, Confcommercio also welcomes the incentives for recruitment and the increased tax deductibility of car costs for commercial agents. On the flat-rate business tax, however, it is calling for the scheme to be conditional on a reduction in rents for businesses, to combat the decline of high streets and the issue of 460,000 vacant premises. There are also concerns about the new provisions on withholding tax and the offsetting of tax credits, which risk exacerbating the burdens and liquidity problems faced by small businesses. On the energy front, the allocation of 3.5 billion for investments by non-energy-intensive SMEs in energy efficiency and renewables is welcome, but simple procedures and, above all, immediate action are needed to ease the burden of energy bills. Confcommercio is calling for the increased IRAP revenue from energy companies to be channelled towards reducing general system charges and for incentives for energy retrofitting to be made more stable and effective.