Review the cadastral income for those who have redeveloped their home with the help of building bonuses. This is also among the reforms that Italy has included in Structural budget plan which it will present to Europe. The Minister of Economy Giancarlo Giorgetti he mentions it, a bit surprisingly – given that the land register has always been a taboo for the center-right – illustrating the PSB in Parliament. It is an opportunity to reiterate the line of realism and prudence on public accountsbut also to confirm the picture already feared by Bank of Italy and fromUpb: after the revision of theIstathardly the GDP will close this year at +1%. However, there will not be much intervention with new ones taxes as with «significant cuts», but not to healthcare.
The update of cadastral archives
Giorgetti mentions cadastral income en passant in the long list of reforms that Italy proposes to Europe to obtain the extension of the adjustment period from 4 to seven years. In the tax chapter, check «the updating of the cadastral archives», on ghost houses and «with revised cadastral values» for properties redeveloped with the help of public funds. Then responding to the alarm raised by Antonio Misianiwhich speaks of “disruptive” news, Giorgetti points out: “it is not a question of updating the market values that the European Commission he asked us, it is above all a question of clarifying a rule from the last one budget law that those who carry out building renovations are required to update the cadastral data. We will go and verify that he did so.”
Stability of public finance and debt reduction
Closing the cycle of hearings on PSBwhich will be submitted to the House and Senate for consideration tomorrow, Giorgetti presents the Plan as an “ambitious but realistic” document, which comes at a time when ongoing conflicts increase theuncertainty. «Stability of public finances» and «prudence» are the watchwords of Giorgetti, who has developed a framework that will make it possible to reduce the stock of public debtan “unavoidable necessity”. Furthermore, the adjustment profile will allow Italy to exit the procedure for excessive deficit in 2027.
Forecast for growth in 2024
However, regarding the growth of 2024, the fears expressed by the Bank of Italy and fromUpb are confirmed in the minister’s words. The recent revision of estimates Istatwhich «resulted in a mechanical downward correction of the growth acquired for 2024», makes it more difficult to achieve an annual variation in the Real GDP 1% for the current year. However, the objectives for 2025 and 2026 have been confirmed.
Sacrifices, new taxes and spending cuts
Giorgetti also returns to the recent interview on the “sacrifices” that have shaken the markets. “The Bags have collapsed but throughout Europe”, he specifies, reassuring on the fears of new taxes: “More than increasing the taxeswe will cut expenses, except healthcare spending which we are committed to maintaining the impact on GDP». And also on excise duties try to calm things down: the measures will be “gradual”, and the aim is to avoid “backlashes” for the categories already in difficulty.
The upcoming maneuver
Meanwhile, the minister is preparing the maneuver, which will arrive in the next few weeks, with resources deriving from the spaces in deficit and specific coverage: the cut in the tax wedgetheIrpef to three structural rates, in addition to measures for birth rate and large families, the contracts of Pa and the healthcare. Furthermore, the impact of the contribution cut on workers will be overcome pensionsfeared by Bank of Italy.
Opposition reactions and government responses
The minister’s line, which he quotes at the hearing Keynes and also Baptistsbut it does not convince the opposition. The PD he speaks of a weak, incomplete and generic plan; The M5s he understands the “nervousness” of the minister who, Battisti always echoes, “drives with his headlights off in the night”. Adv speaks of a plan based on “austerity”.
Meanwhile, what gives hope for possible new resources for the maneuver is the trend of the tax revenues. In the first eight months, the revenue into state coffers exceeded 380 billion, with an increase of 23.341 billion (+6.5%). However, companies’ expectations on the economic situation are worsening: assessments in the third quarter are cautious, highlights the Bank of Italywhile assessments of the demand trend are “worsening” and expectations for the next quarter are “less positive”.