The interview

Camilli (Confindustria): 'Constructive dialogue with the Meloni government to find solutions'

Vice presidente designato. Angelo Camilli avrà la delega su credito e fisco

3' min read

3' min read

Retroactivity: 'unacceptable. It creates a climate of mistrust between the State, businesses, and citizens and undermines the fundamental principle of doing business, which is legal certainty, also undermining confidence in relation to future measures and, in general, with respect to investments". The sting on banks: 'the decision not to allow the offsetting of tax credits with social security and insurance contributions could immediately block purchases by credit institutions; the reduction in offsets has, in fact, an impact on their accounts and, consequently, on their ability to grant credit to the production system. With devastating consequences not only for companies, but for the country: without investment there is no growth'.

For Angelo Camilli, president of Unindustria and next vice-president for Credit, Finance and Taxation in the team of the future number one of Confindustria, Emanuele Orsini (he will be elected at the private assembly on 23 May), one cannot go on with decrees and amendments, in a delicate matter such as the 110% Superbonus: 'a round table is needed between the government and the various parties involved, companies and banks. But immediately, because it has waited far too long. We are absolutely willing. Since the Superbonus came into force, there have been more than 30 regulatory changes, which have generated uncertainty, mistrust and application problems for the rule'.

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The banking system is heavily penalised. Abi is still doing the calculations, but in any case the ban on using credits to offset social security and insurance contributions, moreover with retroactive effect, could have a considerable impact. A fear of yours too?

Banks and businesses are two cooperating entities. A penalisation of the banking system inevitably impacts on the activity of the industrial system. For example, the effects on companies in the entire construction industry would be devastating: if companies were to sell loans to banks today, they might no longer find availability from the banking system due to these regulations. A very strong penalisation that risks generating strong liquidity tensions. In this specific case, the Bank of Italy itself had recommended that each bank should calculate the purchase of tax credits according to its tax capacity, avoiding an inappropriate purchase. The ban on offsetting social security and insurance contributions therefore risks undermining the banks' assets and consequently their ability to grant credit to the market.

There is therefore an urgent need for a round table?

Of course, and it must be implemented as soon as possible. We understand the need to keep the public accounts under control, and for this we are ready, in a responsible manner, to engage in a debate. We must avoid interventions that upset the balance of the economic system, with devastating effects on the business world, by identifying a coherent and reliable path. In the coming years, the EU directive for the environmental redevelopment of houses will have to be implemented, to give one example. The tax credit remains the main tool to be used, including for Industry 5.0, but it must be done with certainty and stability of rules. This way of proceeding risks creating mistrust for the future in all government action.

It will be at the expense of investment: while waiting for Industry 5.0, are we already gambling on 2024, to the detriment of growth?

The implementation details of Plan 5.0 are unknown and in this scenario of uncertainty, entrepreneurs are waiting. But I would like to remind you that the timeframe for this measure is already shortened by the regulation, which only provides for investments in 2024 and 2025.

The creation of a financial vehicle of the state to purchase credits and extend the maturities of public debt is circulating as a possible solution these days. What do you think?

We do not know the details, but we are ready to enter into a constructive dialogue with the Meloni government and with all the actors involved to find any solution that will be useful to avoid this impact, consistent with the needs of the public debt, but also to avert the risk of negative effects on businesses. This is why I insist: we are absolutely willing to engage in constructive dialogue as soon as possible.

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