Tax revenues, July data coming in

The construction site of the next Budget Law is open. At the Mef, Economy Minister Giancarlo Giorgetti is conducting a series of meetings that will continue in the coming weeks to gather the needs and requests of ministries, groups, and local authorities in view of the next manoeuvre. Today, the Finance Department will release the data on tax revenues updated in July, which, however, according to the new EU rules, will not be able to finance the manoeuvre but will have to go to debt reduction. Some more political indications may instead come directly from the minister next Sunday, 7 September, in his speech at the Ambrosetti Forum in Cernobbio. In his last public outing in Rimini, Giorgetti had spoken of a "pinch" to the banks, thus giving rise to the most varied hypotheses of new taxation on credit institutions, from a levy on buybacks to that on extradividends.

According to initial indications from the majority, the family will be at the centre of the next manoeuvre. Prime Minister Giorgia Meloni has announced, with the House Plan, new aid for young couples, but also in the pipeline are concessions for working mothers and a new extension of parental leave, which was increased to 80 per cent for three months this year with the Budget Law 2025.

While the hypothesis of raising the tax-free threshold of the meal vouchers from EUR 8 to EUR 10 thus resurfaces, among the wishes of the majority parties is also the strengthening of deductions for children, sponsored by Noi Moderati. "Our priorities are to increase salaries, especially for young people, and to continue to support families by strengthening parental leave and deductions for children," stressed leader Maurizio Lupi. Forza Italia, which is preparing a document to present to Giorgetti, insists on the middle class by reducing Irpef and on poor wages. The idea is to 'eliminate the contributory part for workers who earn between 7.5 and 9 euros per hour and work to detax overtime and holidays,' reiterates Forza Italia leader Antonio Tajani, who, however, pulls the brakes a little on the timing given the difficulty of finding resources for all the measures hypothesised so far: 'I do not know if it will be possible to do everything in one manoeuvre, but in perspective we will have to work in this direction,' he explained.

At the Mef, Giorgetti is conducting a series of meetings that will continue in the coming weeks to gather the needs and requests of ministries, groups, and local authorities. Taking stock with the minister on Thursday 4 September were the provinces. In addition to claiming greater tax autonomy and additional resources for hiring specialised personnel, the Upi asked for a three-year plan for school construction to be included in the budget law, 'considering that with the end of the NRP, the funds earmarked for securing and modernising the more than five thousand upper secondary schools managed by the provinces will come to an end'.