Italian banks, construction companies and employers’ organizations have called on the government to amend the measure under which tax credits under the Superbonus programme will be used over a 10-year period. According to businesses, the change affects credits acquired under a different compensation schedule and could withdraw significant funds from companies and financial institutions.
The issue was discussed at a meeting with the government at the Chigi Palace, held a day after sharp criticism from Intesa Sanpaolo CEO Carlo Messina. The measure provides for credits that were supposed to be used in 2027 to be spread over a ten-year period.
After the meeting, the general director of the Italian Banking Association, Marco Elio Rotini, did not confirm that progress had been made. “We received the instructions that everyone received – clearly, a clear position from the government,” he said. Asked whether there had been any concessions on the Superbonus, Rotini replied briefly: “We’ll see.”
Banks Warn of a Change in the Cost of Credit
ABI has already presented its objections to parliament. The banking association believes that the retroactive change to the schedule for using acquired credits will alter their economic and financial value. According to the organization, this could negatively affect banks’ financial results, capital and liquidity.
The construction sector is also calling for an adjustment. “We stressed that the spreading-out of Superbonus credits is creating liquidity difficulties for businesses,” said ANCE Director General Romain Bocognani. He also pointed to another problem – companies are awaiting payments of €1.8 billion because of the rising cost of construction materials.
ANCE is calling for a solution for more structured companies that continue to operate, have employees and ongoing business activity. According to Bocognani, Economy Minister Giancarlo Giorgetti assured participants that the government was working on the issue and that the problem had been raised by all sides at the meeting.
Companies Also Call for Measures Against High Energy Costs
Confindustria has also objected to the 10-year use of construction credits. “There are measures that withdraw liquidity from the business system for the coming years, such as spreading construction tax credits over 10 years,” said the organization’s vice president, Angelo Camilli.
Employers also raised the issue of energy costs and the lack of sufficient incentives for investment. Camilli said that companies were paying twice as much for energy compared with the previous year. Confartigianato, CNA and Casartigiani estimate that small and medium-sized enterprises in Italy bear an additional annual cost of €3.7 billion compared with the European Union average. The tax burden on bills is 48% higher than the EU average.
The organizations view positively the new support mechanism for small and medium-sized enterprises that are not large energy consumers. However, they are calling for a lasting change to system charges on bills, as well as tax and social-security relief, increased employment and better access to credit.
The meeting also discussed an exit tax for wealthy taxpayers who transfer their tax residence abroad. According to Giorgetti, the government is “working” on the provision.
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