– The tax burden will fall below 43% of GDP, reaching 42.9% in 2015 and 42.6% in 2016. It reads in the final version of Def. The document now takes into account the promise deactivation of safeguard clauses and the classification of the 80 euro as tax relief. From the time schedule included in Def shows then that final approval of the new electoral law will be made within May 2015.
By Paul Scarlata
In the period 2015-2017, says the premise of Def, reduces the tax burden, “net of income tax accounting classification of the bonus 80 Euros.” Also “is averted the activation of safeguard clauses for 2016 – to ensure the achievement of the objectives of public finance – which would have produced increases in the levy of 1.0 percent of GDP.” It continues the document, “a critical intervention that results in a significant reduction in the tax burden contemplated by the framework trend.”
In fact, they write in this case the technicians of the government in a special box depth absent in previous drafts, “under trend in 2015 the tax burden is expected to remain unchanged at 43.5 percent, while in the period 2016-19 would rise before to 44.1 percent in 2016 and 2017 before returning to 43.7 percent in 2019.
From privatization 1.7% of GDP in 2018 – The government then resized Def in the privatization plan already presented in the document of economics and finance in 2014, with expected income of around 1.7% of GDP in 2018 (0.4% in 2015, 0.5% in 2016 and 2017 and 0.3% in 2018). Confirm prices in 2015 of Post and ENAV and privatization of Railways. The share in StMicroelectronics will instead sold to the Italian Strategic Fund of CDP. “The preparatory phase for the realization of this sale – reads – is nearing completion.”
From the reduction of tax 2.4 billion – This amounts to almost 2, 5 billion rationalization of tax breaks provided in Def. The document draws a structural review of expenditure and the group of tax expenditures to 0.6 percent of GDP (just under 10 billion) of which 0.45 points spending cuts (7.2 billion) and 0.15 points “reduction” of the facilities (2.4 billion).
Def, three sections and six annexes – The Def is divided into three sections (Stability Program, Analysis and trends in public finances and National Reform Programme) and six annexes (Infrastructure, Environment, Government expenditure in regions and autonomous provinces, state of implementation of the reform of public finance and accounting, Assistance in underdeveloped areas, Needs annual Pa).
Objective: to support the economic recovery – The objectives given are to “support the economic recovery while avoiding increases in the tax burden and at the same time raising investment; start the public debt (in relative to GDP) on a reduction path, thus consolidating the confidence of markets and reducing interest payments; encourage investment and initiatives to allow a strong recovery in employment in the next three years. “
Tesoretto from 1.6 billion to” activate reforms “ – Broadly the Def also explains how to use the margin to 1.6 billion dowry by the increased deficit. The “bonus” should in fact allocated to the implementation of the reforms already in place. “In 2015, the room for maneuver with respect to indebtedness trend of about 0.1 percentage points of GDP, also in view of the particular macroeconomic environment, will be used to strengthen the activation of structural reforms already under way, “it said.
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