Also grandparents and relatives will be able to cash in on bonusbaby sitter allocated by the government to help parents during the coronavirus emergency. To clarify it, even if implicitly, is the INPS in a circular circulated in recent days. To take advantage of the 1,200 euro contribution for families with children up to 12 years (if disabled the limit does not apply) there is time until next 31 July. The check can be used to pay for a babysitter or even the fee for a nursery or a summer center. The aid, doubled from the initial 600 euros with the relaunch decree, increased to 2 thousand euros for doctors, nurses and workers in the security, defense and public rescue sectors used to deal with the Covid-19 emergency.
Someone had wondered if the bonus could be used to pay relatives. A somewhat borderline situation, although there are those who in this phase of health emergency preferred not to let domestic workers enter the house to avoid the risk of contagion. The INPS, which is responsible for providing the contribution, therefore in the circular number 73 of 17 June last decided to set the rules.
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“On the assent of ministerial opinion – the pension institution affirms – the non-applicability of the general principle of the presumption of gratuitousness of work services rendered in the family context is clarified except in the case of family members living with the applicant and, obviously, subjects holders of parental responsibility (parent, even if not cohabiting, separated or divorced). In the event of cohabitation, therefore, the family members – continues the circular – are excluded from the list of subjects admitted to perform work as a babysitter remunerated through the bonus ». Green light therefore to the payment of grandparents, uncles and relatives provided they do not live in the same family unit.
There are however other stakes to be respected in order to take advantage of the bonus. First of all, it is necessary to use the Family Booklet, an INPS tool that serves to compensate occasional services such as housework and home care for children and the elderly. The passbook is nominative and composed of payment titles, the nominal value of which is set at 10 euros, which are used to compensate work activities lasting no more than one hour. The parent who wants to benefit from the contribution and the babysitter must therefore register on the occasional INPS performance platform. To access the website of the social security institution you need the credentials of the INPS or Spid (the public digital identity system) or the electronic identity card.
The institute in the circular then recalls that the bonus cannot be enjoyed if the other parent is in turn on Covid leave, unemployed or non-worker and also if he receives other income support such as Naspi. Furthermore, given that during the emergency, smart working has become an ordinary way for many companies, bonuses can be requested even if the parent works from home. Ok to the bonus even if the father or mother is on maternity leave, parental leave or vacation.
In the circular, the INPS also clarified the compatibility of the bonus with the leave always instituted during the emergency. Those who have already used 15 days of leave from work to look after their children can ask for half the bonus (600 euros instead of 1,200). Those who have already requested more than 15 days are not entitled to money and can only use the remaining leave period. For parents who have not yet used either of the two measures, you can still ask for the bonus for the entire amount available.
Finally, as regards the use of the contribution to pay for a summer center, the certificate of registration will be enough to receive a direct transfer to the current account. The parent must attach to the application the documentation certifying the attendance of a center that offers supplementary services for children (such as, for example, an invoice or a receipt for payment or registration). The periods in which the activities were carried out by the child (no later than 31 July) with a minimum of one week and the amount of the expense must be indicated.
Wealthier paycheck in July: in fact it starts on Wednesday cutting the tax wedge as required by the latest Budget law. A benefit that affects many workers affected by the tax change in different ways. For employees with income from 8,174 to 26,600 (ex Renzi bonus) the bonus from 80 euros to 100 (20 euros more); for workers with income of 26,600 and 28 thousand euros, an increase in the pay packet of 100 euros is expected; for workers with income between 28 thousand and 40 thousand euro of income, the wedge cut is configured as a decreasing deduction until exhaustion.
Payroll increases, the table with the amounts
Here is a table with the amounts by income brackets.
To obtain the discount in the paycheck it will not be necessary to make a request, the discount will be made directly by the employer, who plays the role of substitute tax.
Ecobonus and 110% bonus earthquake
From 1st July, theecobonus e SISMI good 110%: a maxi tax credit to revive the economy by looking at the greens and safety introduced in the relaunch decree now under consideration in the Chamber. The bonus allows interventions with an improvement of the energy class and reduction of seismic risk practically free thanks to the mechanism of the discount on the invoice and the assignment of credit. Second homes are currently excluded, but there is an amendment in Parliament to include them.
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Also from July 1st, you can request the holiday bonus from 500 euros. Households with Isee will be able to obtain up to 40,000 euros and is valid until 31 December 2020. The bonus amount will be modulated according to the size of the household: 500 euros for those made up of three or more people; 300 euros for two people and 150 euros for one person.
It is important to remember that for the Holiday Bonus it is necessary to have a “digital identity”: the discount is obtained through an app which can be accessed exclusively via Spid (the Public Digital Identity System) or the Electronic Identity Card. After checking if you are entitled to the bonus, the user will get a unique code and a QR-code that can be used for the use of the bonus.
Payments, the cash cap starts from 1 July: watch out for penalties
Finally on Wednesday the new one also comes into force limit on the use of banknotes which goes from 3,000 to 2,000 euros as established by the tax decree linked to the budget law. As we explain in this fact sheet, the goal is to counter tax evasion by promoting electronic payments. From Wednesday therefore – except for some special cases – it will be mandatory use of traceable systems (cards, bank transfers, etc.) for expenses in excess of 1,999 euros, whether they are between private individuals or between private individuals and merchants. Penalties for those who do not comply with the rules: there is a risk of a fine of 3,000 euros and up to 50,000 euros for a single transaction, according to the gravity of the infringement.
Less cash in circulation, but no specific limit on cash withdrawals and payments to the bank. And ‘black’ payments are in fact still free for mini purchases, even taking advantage of the trick of split payments. “The new thresholds will be easily circumvented – notes a company – with the result that tax revenues will not suffer particular advantages”.
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“Non-repayable loans or in October it will be hard to keep open”
The nightmare of economic analysts is called deflation: as reported by the CGIA Research Office without liquidity, the country “could see the consumer price index drop (already in May it was -0.2%)”. Deflation, we recall, is manifested by a progressive drop in the prices of goods and services. A situation that is far from positive: it is good to note that although prices are decreasing, families do not buy because of lower financial resources or negative expectations. The little that is sold entails increasingly narrow profit margins for retailers. The goods, remaining on the shelves of supermarkets and shop windows, cause a situation of difficulty for traders, but also for manufacturing companies which, in the face of so much unsold, are forced to reduce production.
The bonus baby sitting it can also be extended to grandparents or uncles as long as they do not live in the same house as the minor they care for. Circular number 73 of 17 June ofINPS clarifies – albeit implicitly – the perimeter of the voucher introduced by the decrees anti-Covid for families with children under 12 years old. “In the event of cohabitation, therefore, family members are excluded from the list of subjects admitted to perform work as a babysitter remunerated through the bonus in question”. The opposite is therefore true: the voucher with a maximum value of 1200 euros to be used between March 5 and July 31 can be extended to family members as long as they are not cohabiting. As an alternative to the bonus for baby-sitting services, to be used through the Family Booklet, the relaunch decree provided for the possibility of opting for the summer centers, for part or all of the amount due. The sum will be credited directly by crediting the bank or postal current account, crediting a postal passbook, prepaid card with Iban or bank transfer domiciled at the Italian Post Office, according to the choice indicated at the time of the application.
Bonus babysitting, new questions at the start: up to 1,200 euros also for summer camps. How does it work
Inps, the procedure has arrived for the new bonus babysitting and summer camps
Bonus babysitting for summer camps, here’s how it works: new questions starting from June
Bonus bikes, babysitting, VAT numbers, transport and holidays: all the measures of the decree
Travel time, for those who can. We think of the holiday bonus, because from the next one gets into the heart of the summer. And right from July 1st it will be possible to request it. That’s how.
Structure. The tax code for the 2020 holiday bonus is 6915 and will allow all participating accommodation establishments to recover the tax discount made to tourists up to an amount of 20%, which can be downloaded as tax deduction in the tax return of the following year. The remaining 80% is the immediate discount of the holiday bonus for the tourist, which must contact the structure without any intermediation of online booking agencies (the only ones allowed are travel agencies and tour operators) and with which you can save up to € 150 for nuclei consisting of a single component, € 300 for couples and € 500 for families of minimum three people. To use the tribute code from the participating holiday bonus structures, it is necessary to fill in the F24 form, to report the tribute code in the “Tax authorities” of the Revenue Agency and populate the field “compensated credit amounts” (for offsetting the tax credit) or “debit amounts paid” (in the case of repaying the concession).
Summer 2020, farmhouses and holiday homes: the golden rules not to be cheated
Always stay mandatory to issue an invoice or commercial document. At the time of payment, to activate the holiday bonus, the member structure must check the validity of the same in the reserved area of the Revenue Agency, and wait for the next working day to recover the advance amount in the form of a tax credit, after to have requested it with model F24.
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Tourists. The traveler who wants to access the holiday bonus does nothing but confirm your digital identity through the Spid system or the CIE, the digital electronic paper that many Italians already own. When registering via one of two channels, you will be asked to enter your own Isee, which must not exceed 40 thousand euros per year. Then simply download the Io Italia app for the 2020 holiday bonus with which to request and monitor the holiday bonus, and if the request is successful, confirmation of the maximum amount and the double option between immediate discount and deduction will arrive on your smartphone . The Io Italia App finally, it will generate the univocal code and the Qr to be communicated to the structure upon payment.
Let’s just call it the “paper of despair.” Worried by the collapse of Gdp and the decline in physiological consumption, in the executive begins to take off the suspicion that for a return to the Country the policy of the“bonus” rain is not enough or is not functioning properly. “We have to study with much attention, but surely there is much concern for the fact that, and had in part expected, even with the re-opening of commercial activities and production and consumption are not sharing,” said Conte in a press conference at the end of the States-general .
“This was understandable.” According to the prime minister” is not broken down also that atmosphere of trust full, that is, and start the circuit of consumption. This obviously worries us because if we do not increase consumption in the economy as a whole, the offer, is affected”. For this study of the executive, there is a drastic measure, such as the lowering of Vat. In essence, you would copy the recipe of Germany, where the tax on the added value will temporarily change from 19 to 16% and from 7% to 5% for many food products.
As is obvious, compared to Merkel, the Count has margins of manoeuvre much more narrow due to the abnormal Italian public debt: the debt/Gdp ratio, however, destined to rise again at the end of the year, sailing around 135% while in Germany it does not reach the 60%. For this Palazzo Chigi prefer not to overreach. “The measure of intervening in the Vat is at the studio but we have not yet taken a decision,” said the premier, adding that “this week will be decisive for the perspective of gender”.
The idea of the government, a cut of 10 points for the sectors most affected by the lockdown
What’s cookin’? According to the rumors, the cut may relate to the sectors that are most affected by locdown. And therefore, catering, tourism and automotive. But also clothing and crafts. A cut is substantial: it is about 10 points, from 22% to 12%. It would be a temporary reduction that could last for a limited period of time. Go to a restaurant, buy a dress or a new car could therefore cost you significantly less. And many consumers would be tempted to purchase goods more expensive, also attracted by the fact that the measure will have a short life. Remains the node covers. It has been estimated that the only decree relaunch will have an impact equal to 55 billion net debt. The billions to be put on the pot are many, the space is vice versa very few and the rest the only way forward is to do another deficit.
Castles: “Down the Vat for two years, which should be linked to the cashless”
In spite of everything, the vice-minister of Economy Laura Castelli, is optimistic: “We have to intervene on the sectors that were most affected by this crisis – explained in ‘the Republic’ – and that is slow in leaving, I think of the whole supply chain of tourism and catering, in the first place. But also to crafts, to clothing and to the car. An operation that should be linked to the cashless, to kick-start the economy”. Castles then stated that “in the past few months we had already worked for some of the simulations on the Vat, we would be ready to intervene immediately, but the most correct is definitely the next Budget law, triggering the action from the next 1° January. As a temporary measure, with a horizon of two years. But the fact remains that a reframing of the Vat, to the downside, it remains a goal to put in more of an organic reform, the reduction of taxes and of the Tax, we’re working on”.
Therefore, according to the words of the vice-minister the government has not accontanato not even the idea of reform (allegerendoli) the scaglioni Irpef (personal income tax, a measure to complement the cut of the Vat. And that unofficial holy days, the praiseworthy.
The scepticism of Forza Italia: “The cutting of the Vat does not remain only an advertisement”
The cutting of Vat there is to record the scettisimo of the opposition parties, Forza Italia in the first place. “The Council President Conte declares that “we are thinking of lowering a bit the VAT”. A little bit? However, I say: maybe. The lowering of the VAT I to the vote immediately”, explained Marco Marin, member of parliament of Forza Italia. “Of course – he added – just that it is not a game of three cards: cut here and increase the tax beyond, However, I also note that when the President of the Council says such a thing then it must, I stress must, do it. Why you can not deceive the people. You cannot play with the lives of families. The President of the Council has the duty not to be superficial when it announces so important.”
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Also, Mariastella Gelmini (Fi) hopes that “the idea of ‘reduce’ Vat’ to boost consumption leaked by the Count is not yet another ad, or another ballon d’essai. Serves a targeted reduction, significant time, to start immediately the consumption in those sectors most affected by the lockdown wizard”.
Bonus windows of 110%, that’s when you can change them without spending 1 euro
The bonusholidaythe contribution of 500 euro provided for by the decreeRelaunch to boost tourism in Italy, it seems not very fascinated italians. The measure provides for an amount (from 150 euros for the single to € 500 for families) to spend, in a single solution, in facilities of the peninsula, is only used by 2 italians out of 10, which is 21%. The figure emerges from a survey conducted by Swg with Confesercention a sample of consumers distributed on the national territory by the way of this measure, addressed to families, but also couples and single (respectively 300 euro and 150 euro), with Isee up to euro 40,000.
Bonus holidays, the problem of uncertainty
In addition, the survey shows that half of the respondents (51%) the decision to use it is not gained, while 28% say they are undecided in the matter. But why only 21% of italians would like to make use of this contribution? It is likely that the uncertainty games against. The transposition of the information on how to apply and get the bonus is still limited: 57% of respondents said, in fact, not be informed enough about the methods and requirements for the use. Of the rest, the Bonus vacation may be requested and will be paid exclusively in formdigital but, at the moment, it is still possible to access the benefit. On the site of theRevenue agency there it is written: “soon we will provide precise indications on the smartphone apps that you should access to get them.”
To use it, however, it is necessary that a member of the household is in possession of a digital identity, Spid or of the Identity Card Electronics. In addition, the research shows that even this low propensity to take advantage of the bonus: to the question ‘would go on holiday if there was the bonus’, the 43% of the sample answered in the affirmative, while another 36% is show undecided on the choice of booking a holiday destination for the summer and the 21% of them declare, finally, that without the contribution renounce. In particular, it is the people residing in mid-sized centres, and to economic condition the media to think of it. Are the young people demonstrate a greater willingness and who is in a economic condition positive. How to tell who has your desire to move and those who add the bonus to one of its existing economic capacity.
Bonus vacation how it works and how to claim
The Bonus holiday is for holiday makers staying in accommodation facilities in italy and is available starting from the first of July until 31 December 202080% as an instant discount on the cost of stay and 20% as a deduction. Will be refunded to the owner in the form of tax credit used, without limits of amount of compensation, or assignable also to credit institutions. The amounts of this benefit are: 150 euros for the single, 300 for two people and 500 households from the three components up.
As specified in the text of the decree, Raise, bonus holidays, it is up to the families with Isee up to 40 thousand euros, which is why it is crucial to demonstrate your income to obtain the contribution. The procedure for applying for it can be broken down into three simple steps. The first deals with the Isee: the citizen who intends to submit an application, must obtain the Isee up to date.
The second stage will be, for those who had not already, obtain a digital identity, as the Spidthe unique system of access with the digital identity required for access to the online services of the Italian public administration and of private members in the respective web portals. If these first two steps can already be implemented, for the third step you will have to wait a few more days: the third stage, in fact, foresees the use of a special app for the bonus holidays. According to the ministry of cultural Heritage and Tourism, the app will be launched in mid-June and will be used to record the data of the beneficiary and to generate an QrCode to take advantage of the bonus.
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As mentioned at the beginning of the article, the bonus money can be spent in a single solution. The facilities will have the reimbursement of the discount is made for the tourists in the form of a tax credit, to be used in the compensation immediately or transfer to third parties or to the banks.
The devil is in the details and sometimes also in the implementing decrees. If the Revival decree with its 55 billion (which becomes 155 in terms of impact on the state budget) it is certainly one of the largest in the history of the country, it is also true that the speed of implementation will be an equally important yardstick to evaluate the measure. The precedent of Cura Italia is at least in chiaroscuro, with the initial chaos on the compensation for self-employed workers, the delays on layoffs in derogation and the long times in the provision of guaranteed loans, at least by a part of the banks.
RUNNING IN For the next round of measures, there are a couple of factors that could play in favor: the government’s willingness to correct the malfunctions already registered, and the greater break-in of the administrative structures. But there are also many unknowns, because in various cases it is still a matter of creating procedures that do not currently exist. There should be no particular problems for the payment of the second installment of the 600 euro allowance (retroactively referred to April) to workers autonomous, professionals and collaborators: INPS will limit itself to replicating the previous payments, having acquired the data starting from the Iban. For the subsequent disbursement relating to May and increased to the sum of 1,000 euros, collaborators and professionals must however demonstrate the interruption of the activity or the reduction of income, while traders and craftsmen will no longer be entitled to the benefit because, as micro-enterprises , will go on to receive the partial recovery of losses by the Inland Revenue.
Precisely this new tool on paper should benefit from the advantages of the telematic procedures already tested in ordinary relations with the tax authorities, also with the help of accountants. And the speedy use of self-certifications, including those related to anti-mafia legislation, can contribute to speeding everything up. However, a measure will be required from the director of the Revenue Agency, once issued, the interested parties will have 60 days to proceed.
The political commitment of the Minister of Economy is to get this help in June. Again on the tax front, the cancellation of the June Irap installment should not require particular formalities from the taxpayers concerned, while it is already clear that the measures to support the capitalization of companies, which also include Invitalia and the Cassa Depositi e Prestiti, will require various measures implemented and therefore will have a longer timeframe.
Among the various allowances, the emergency income and that destined for domestic workers and caregivers debut with this decree. In both cases, the application must be submitted to INPS, which must therefore define – with specific circulars – procedures and methods. The times will therefore not be immediate, even if Caf and patronati can be used, respectively.
DELAYS There layoffs was the other sore point of the first package of anti-crisis measures. Together with the refinancing of the shock absorbers, simplification procedures have been included in the new law, ranging from the possibility of direct payment at the request of the employer to the advance of 40% by the Inps for the Cig in derogation. There would also be the idea of relaunching the agreement with the banks which has not had great results so far: for this reason, a special guarantee fund is set up which, however, will hardly see the light soon since it requires consultation with the ABI and a decree del Mef, in concert with the Ministry of Labor, for which there are 60 days. Various ministerial decrees (as well as checks) are also required for the regularization procedure of foreign workers: here the risk is that the procedures go beyond the harvest season in agriculture.
Fewer cars, more bikes. Electrical if possible. The government (also) focuses on sustainable mobility to deal with phase two of the emergency coronavirus. And it does so with a mobility bonus for the purchase of bikes and scooters included in the new relaunch decree. With this voucher, citizens will be able to purchase bicycles, electric bikes (e-bikes), scooters, but also shared mobility services with vehicles other than cars. A measure introduced to encourage the sustainable mobility in a period in which means of transport travel with reduced capacity and many people favor private transport. The goal is to avoid excessive traffic of private vehicles resorting to alternative means. Not surprisingly, the mobility voucher from 2021 will become an incentive to scrape your car. Finally, the same article of the Relaunch decree provides for the introduction of the advanced house and cycle lanes in Italian cities. It is not yet clear how the bonus can be claimed. For this measure, the government has allocated an additional 50 million for 2020, for a total of 120 million, adding to those already foreseen.
The bonus for the purchase of bicycles, e-bikes and scooters consists of a 60% discount on the total amount spent. The good, however, it cannot be more than 500 euros. You can request the concession only once and for a single purchase, or for the bike or the scooter, for example. The voucher can be used for the purchase of: bikes, segways, hoverboards, scooters, monowheels and shared mobility. Support for the purchase of these means of transport applies retroactively, or for expenses made starting from 4 May. It can be used until December 31, 2020.
Ecobonus 110% only for the first houses, 500 euros for the holidays
Not all citizens can claim the bonus for the purchase of bicycles and scooters. The voucher is in fact reserved only for adults aged in cities who are capitals of the Region or province or with at least 50 thousand inhabitants. In essence, it only applies to larger cities, where the traffic problem arises. Not surprisingly, the decree also provides that companies and public administrations must appoint a mobility manager, preparing a plan for travel by December 31 of each year if they have more than 100 employees in the same city.
Revitalization decree, for small businesses ten billion: discount to adapt the premises
From 2021 the bonus will be enriched with a new piece. And it will be worth who to decide to scrap – from 1st January to 31st January 2021 – cars up to the Euro 3 class or motorcycles up to Euro 2 or Euro 3 if they are two-stroke. In this case, a voucher (cumulative with the bonus for bikes and scooters) of 1,500 euros for each car and 500 euros for each motorcycle will be recognized. The figure can then be used – within three years – for the purchase of season tickets for local and regional transport (also for other family members), pedal-assisted bicycles and vehicles for personal mobility “mainly electric propulsion or for shared mobility services for individual use».
Along with measures that do not have a financial impact on the state such as confirming the moratorium on layoffs. The work and the desire to preserve it in this complicated phase are also at the center of the relaunch decree, but the dosage of the interventions changes, with innovations affecting different categories.
Merchants and craftsmen for example they are confirmed on 600 euro bonus, which they will receive in the next few weeks with an almost automatic procedure, however with reference to the month of April. But for them, unlike professionals and collaborators enrolled in the separate management of INPS, the 1,000 euro installment will not start in May, because for the same period in how many small companies will be entitled to the recovery of losses provided by the Inland Revenue , which however is not a fixed figure but proportional precisely to the drop in revenues (with a percentage between 10 and 20 percent).
THE THRESHOLD The 600 euros are renewed for an installment for professionals, collaborators and seasonal workers of tourism. These categories for the month of May will have the indemnity increased to 1,000 euros, on the condition, however, that in the first case they have suffered a reduction in income of at least 33 percent, in the other two having terminated their employment relationship. For fixed-term agricultural workers the second installment of the allowance is reduced to 500 euros. For the months of April and May, two installments of 600 euros will receive other categories that have ceased, reduced or suspended their activities following the coronavirus emergency: these are seasonal workers in sectors other than tourism, intermittent workers, self-employed without VAT number, in charge of home sales.
Then there are the freelancers enrolled in the Orders: for them, the subsidy had been paid directly by the Social Security Funds belonging to a “Fund of last resort income” which is now refinanced with an additional 850 million in addition to the original 300 million. Also in this case the right to the indemnity (as previously) is linked to the income and its reduction. The framework is completed by two subsidies not previously provided for, that for domestic workers and emergency income. In the first case, these are two installments of 500 euros reserved for domestic workers and carers with hours of more than ten hours a week. Those who live with the employer are excluded, but no particular criteria are specified to ascertain the reduction or suspension of work. As for emergency income, the two installments are from 400 euros (which can grow up to 800 based on the composition of the family).
Among the conditions to enjoy this benefit, which in the intentions should help those who have not been reached by other measures, there is a value of the Isee (indicator of equivalent economic situation) of less than 15 thousand euros. Also new in the layoff chapter, both ordinary and in derogation, which in the first government measure had been financed for a maximum period of nine weeks. Overall, this duration will be doubled, but the use by the workers concerned will take place in blocks. The original nine weeks go up to 14 for the period from 23 February to 31 August, but the additional five weeks can only be used on the condition that employers have already used all the others.
Then there are another four weeks available for the months of September and October. This discontinuity, however, could lead to problems for some companies (as noted by Luigi Scordamaglia, managing director of the Italian supply chain): because in the case of continuous use of the CIG, it is reached more or less at the end of June, with a “hole” of two months before the next window.
In addition to adding resources, with the decree the government then tries to overcome the procedural slowness that characterized the first phase. A guarantee fund is set up to make the advance by the banks concretely possible, employers are given the possibility to request direct payment from INPS but above all the aim is to speed up the disbursement of the cash in derogation thanks to the agreement with the Regions (which is responsible for the management of this instrument): the corrective measures, which will be included in the relaunch decree possibly also during the parliamentary process, aim to give a direct role to INPS in the advance of a part of the shock absorbers .
Minister Roberto Gualtieri, the May decree struggles to see the light. Contrasts weigh in the majority on some central issues. The most important concerns state intervention in support of businesses. Do we have to prepare for a new phase of massive state presence in the economy? «No invisible hand can ever shelter alone a global crisis of this magnitude. The state has a duty to intervene in defense and support of workers and businesses. Nobody wants to nationalize the economy, but interventions are needed that are both protective and stimulating our production system. It is what is happening in the world, and it is what we are doing in Italy with interventions whose size is unprecedented in republican history ».
With entrepreneurs, the frost seems to have fallen. The designated president Carlo Bonomi defines absurdity that the state first makes companies indebted and then proposes to enter the capital; but above all that government intervention cannot be all debt and subsidies. The subsidies will end and we will find ourselves with a huge debt. Can you help us understand what is the meaning of a 155 billion maneuver? What is the right balance between loan and non-repayable contribution? “This government considers the issue of the vitality of Italian companies to be absolutely central, that we all want to remain the beating heart of our economy. We have always said that state-guaranteed liquidity is necessary but not sufficient. For this reason, in addition to providing grants and subsidies to rents to smaller companies for almost ten billion, we will guarantee support in the form of equity or hybrid capital instruments to medium-large companies in difficulty, for which the lost fund it is not allowed ».
Will this support be in line with the new European rules that provide for specific conditions both on the timing and the remuneration of the state support and on the bonus and dividend regime of the companies that use it? «Sure, this will happen through a destined assets of 50 billion conferred to the Cassa Depositi e Prestiti. Furthermore, I would like to point out that the involvement of Cdp in the purchase of temporary minority shareholdings in the capital of companies is also one of the proposals that Confindustria sent us. As for SMEs, instead, we will provide for strong tax incentives for re-capitalization, a public guarantee on a part of the new capital, and the possibility of receiving a capital contribution in the form of a hybrid security that does not include any participation in governance, and a part the value of which can be transferred free of charge to companies that have invested in innovation and sustainability and retained employment. It is an organic and coherent set of interventions that will be among the largest and most ambitious in Europe. We are engaged in a constructive dialogue with Confindustria to further strengthen it ».
What development measures will enter the decree? The decree was created to grant bonuses for April but in mid-May it is not yet in the Official Journal. What did the state learn from the problems with the procedures of the previous measures? “The timing was conditioned by the delay with which the EU Commission adopted the new rules on aid to businesses, which constitute the heart of the decree together with the release of investments and simplification of administrative procedures. The new INPS allowance for self-employed and seasonal workers will be paid automatically in just a few days to the over 3.7 million people who have already received it without the need for a new request, and we count that the non-refundable contribution, which the Agency will provide of revenue, arrivals to businesses by early June. Of course, it was frustrating to note that a part of the resources allocated promptly on March 17, with the dl Cura Italia, got bogged down in the maze of bureaucracy, I refer in particular to the Cig in derogation, for which two million workers are still waiting for the payment. With the prize Conte we asked INPS and the Ministry of Labor to prepare simplification measures for a procedure that is obviously too complex “.
In Def, the government expects Italy to have a 155% debt this year. The EU Commission expects almost 160%. The ECB is buying BTPs on the market by supporting the prices of our securities. But the German Constitutional Court has ruled that the ECB has probably left the seed of its mandate. Is there a risk that the ECB’s action will weaken? What would happen if markets lost confidence in Frankfurt interventions? «Independence from the ECB is in no way bound by national courts and is guaranteed by EU law, on which the only body entitled to express itself is the Court of Justice. For Italy these principles are fundamental. The action of the ECB will continue with unchanged efficacy in support of the European economy and financial stability and I am sure that the German government and the Bundesbank, recipients of this singular judgment, will be able to provide the Karlsruhe court with the clarifications requested “. The Treasury department is imagining a new specific tool for retail investors and families. Broadly speaking, how will it differ from Btp Italia and how will it be aimed at financing the expenses for overcoming the Covid crisis? «Now we are very focused on a good outcome of the BTP Italia issue scheduled for the next few days. We are also working on a new product for retail that will have different characteristics from the Btp Italy, but which, like the Btp Italy, will finance the expenses to face the Covid crisis and boost the economy ».
What happened to the Green bond project? Was it paused? «No, the technical work is going on. In the coming months, it will be a matter of finding a suitable market window for the launch of the first title ».
Will Italy use the State-saving Fund or will it weigh the no advanced by M5S? «It is positive that from 1st June the Mes will be able to offer all countries a new 10-year financing line for 2% of GDP at a rate close to zero for direct and indirect healthcare and prevention costs linked to Covid, without additional conditions present and future. It is a safety net whose availability contributes to strengthening financial stability. If we evaluate the appropriateness of its use, Parliament will naturally be involved ».
At what stage are the negotiations for the establishment of the Recovery Fund? “We are committed to making it operational already in the second half of 2020 and having such dimensions as to contribute significantly to the revitalization of the economy and to the support of the territories and sectors most affected”.
How is the European project coming out of this unprecedented crisis? Beyond the North-South opposition, for those who believe in Europe, could this not be the time to make reasonable proposals for strengthening institutions, such as a common fiscal policy capable of competing with the sovereign camp? «After an initial inadequate reaction, there was an important qualitative leap and tools are being developed that would have been unthinkable before the crisis: just think about the fact that the EU will finance itself on the markets to support common policies. It is essential that this momentum does not diminish and that the innovations under discussion live up to expectations and translate into permanent strengthening of economic governance so that Europe can relaunch its own project ».
Before the emergency, the government was facing serious industrial crises starting from Alitalia and Ilva. The Alitalia case seems to be channeled towards a 3 billion nationalization. What are the plans for the Taranto Ilva instead? «On Ilva we started the dialogue with Mittal for the co-investment of the state in the steel company in Taranto. We will also soon face the redundancy issue, we said that there will be no layoffs but there will be an extraordinary layoff for restructuring. We must put Taranto in a position to produce steel with innovative methods, the pre-reduced plan and the electric furnace for the production of green steel with reduced emissions is an important industrial policy project for which we will also use EU funds “.
About banks. Loans guaranteed by the state to businesses are struggling. His government colleague Patuanelli claims that there are banks that slow down disbursements. In turn, the bankers ask to be exempted from liability in case of default of the companies that have received the loan. Where is the short circuit? «The data are clearly improving, but not yet satisfactory. We are almost 130,000 loans for which the Mediocredito Centrale guarantee has been requested for an amount exceeding 6.8 billion, while for the Sace guarantee addressed to larger companies there are currently about 250 investigations opened by banks for as many operations of financing for a total value of approximately 18 billion, which will just receive the state guarantee in 48 hours as soon as they are completed. The numerous examples of timely disbursement of loans demonstrate that the legislation allows very rapid procedures, and it is therefore unjustifiable that there are cases in which this does not happen and the individual branches require unnecessary documentation or prove more rigid than necessary. We are ready for further regulatory interventions but this should not be an alibi for anyone. However, it is good to remember that thanks to the moratorium introduced in Cura Italia, over 1.6 million loans and mortgages have been frozen to almost 900,000 families and over 650,000 businesses for a total amount of almost 180 billion euros “.
Firms are demanding above all sburocratizations. Also on this the government has announced interventions. With what priorities? «With the collaboration of various sectors of the government and the coordination of Palazzo Chigi, measures are being developed on a broad spectrum in various sectors, starting with construction and procurement. After the support and the injection of liquidity, the easing of procedures and burdens to work and produce must also arrive, eliminating in the sectors also regulated by European standards that unnecessary surplus that has weighed down the whole system. Urgent measures to liberalize and simplify all administrative procedures affecting citizens and businesses in various fields are also being considered, putting trust in citizens and in what they declare first. Some of these measures will already be anticipated in the relaunch decree, while the bulk will flow into an organic simplification decree ».
What autumn awaits us? Prime Minister Conte told the unions that the government will do everything possible, but that the maxi decree will not be the panacea for everything and not everyone who loses their job will find it. Do you fear social tensions? “The extraordinary sense of responsibility with which our citizens have faced these months shows not only that Italy has the strength to overcome such a critical moment but also that of facing challenges of a global scale with a great spirit of social cohesion. Now it is a question of not dispersing the results of the efforts of the Italians. We are aware of the difficulties that still lie ahead, but we are launching imposing measures that start from the firm will not to leave anyone behind ».