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The news on Conte, Schlein, Mentana, Atac, Banca Sella, Striano, Sole 24 ore, La Verità, Repubblica and more

3 weeks ago babelfish

The news on Conte, Schlein, Mentana, Atac, Banca Sella, Striano, Sole 24 ore, La Verità, Repubblica and more

What is said and what is not said about Conte, Schlein, Mentana, Striano, Atac, Banca Sella, Bicocca, Sole 24 ore, La Verità, Repubblica and more. Press review pills

ATAC IN THE BALL (YELLOWRED)

CONTE MAKES EMILIANO SEE THE STARS

THE INTERMITTENT ETHICS OF THE PD

DID STRIANO DISCARD THE CROSETTO ACCOUNTS FROM ZAFARANA'S GDF?

THE PRIMATE OF BANCA SELLA

A DOG'S UNIVERSITY?

GALLI DELLA LOGGIA IN THE CHAIR

THE VERSIONS OF THE CDR OF THE REPUBBLICA

THE ECHO OF MENTANA, BOERI AND PIRA

POSTCARD FROM MEXICO

POSTCARD FROM CHINA

HOW THE CHINESE FLEET RUNS

THE TRUTH (ALSO) OF VECCHIONI

FULL AHEAD WITH THE FESTIVALS, SAYS THE STOCK MARKET…

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EXTRACT FROM AN ARTICLE FROM CORRIERE DELLA SERA ON THE SUPERBONUS:

The line was drawn at 219.5 billion euros, and only concerns invoice discounts and assigned credits, without counting those directly deducted by taxpayers. This is the final bill for the tax bonuses on construction work granted to Italians from 2021 to April 4, the deadline for communicating the operations for 2023. Six times more than the initial spending forecast. Only the 110% Superbonus, both eco and earthquake, absorbed 160 billion, the Facade Bonus 26, the minor tax credits, driven by the construction boom, another 33 billion.

The growth has been exponential. Remaining at just 110%, spending was 13 billion in 2021, quadrupled to 54 in 2022 and almost doubled in 2023, to over 90 billion. With an evolution that no government office had foreseen and no measure, at least until the decree at the end of March, managed to stop.

The cost forecast in the Technical Reports of Facade Bonus (2019) and Superbonus 110% (2020) of the State Accounting Office was 35 billion. The final gap was 180 billion euros. Of the 219 billion in registered credits, 16 are subject to judicial seizure or blocking by the Revenue. Of the remaining 203, 40 have already been compensated (20 in 2023). There are still around 160 billion in credits that will be collected in the next three-four years.

For the state budget, deductions such as the Superbonus, as long as they were transferable, are public expenditure. In accounting terms, they are all recorded in the year in which they accrue, but in cash terms they weigh in the future (the 110% deduction is discounted over 4 or 5 years), when the tax revenues offset by those credits will cease. In practice this produced an explosion of the deficit in '21 (8.7% of GDP), in '22 (8.6%) and in '23 (7.2%), and will produce a greater debt of around 35 billion per year until 2026. The deficit data also takes into account the greater tax revenue produced by the bonuses. According to the Revenue Agency (Gli immovables in Italy, 2023) for every 100 euros spent by the State on the Superbonus, between 25 and 30 are included in taxes. Some research institutes, such as Nomisma, Cresme, the Luiss research office, in the past they estimated a broader effect, also imagining that the Superbonus could pay for itself, a theory denied by Bankitalia and the Mef.

If the budget cost was high, it is still difficult to evaluate the impact of the bonuses on the economy, which is still positive, even if Mef, Istat and Bankitalia have not yet produced official data.

In '21-'22, according to Istat, investments in construction contributed two thirds to the overall growth of investments, which pushed Italian GDP for the first time above the average of EU countries (+8.3% and +4% respectively). According to Upb and Bank of Italy, however, the 110% had only an "additional" effect and half of the investments in construction would have been made anyway. As proof, investments in non-residential buildings, which are not incentivized, have also grown. In the year of the 110% boom, in any case, GDP recorded a modest +0.9%.

It also increased employment in the construction sector by 110%. After a haemorrhage of 600 thousand jobs, from 2020 to July 2021 (Istat data) 233 thousand positions were created in the construction sector. In the second half of '22 there was a decrease of 47 thousand units, then an increase of 13 thousand in 2023. Data that matches those of the construction companies, which speak of 170 thousand places attributable to 110% in the last two years.

However, it would be wrong to think that the 219-odd billion have all ended up in the pockets of construction companies. A good part of the cake went to the suppliers of the materials, but the professionals also gained (20% of the value of the project), and the banks, who bought the credits worth 110 at 85. In addition to the State, which is VAT returned immediately.

Families have also gained as they save on their bills with the energy efficiency of their properties (500 thousand certifications for the same number of buildings). Enea had calculated that with 60 billion Superbonuses a saving of 9 thousand Gigawatt/hour, i.e. 3 billion, had been achieved at the end of '22. In spades, with 160 billion in spending, annual savings triple.

However, there are also those who have lost out, with the Superbonus. The crowding-out effect was evident both on the post-earthquake reconstructions, which companies abandoned, and on the Pnrr works, which saw many tenders abandoned and which are proceeding slowly. There was also a significant effect on prices, which had soared in the sector a year earlier. And now there is the problem of credits that are no longer transferable and that many have in excess of their ability to offset them. And it's not over, because the government is thinking about a new tightening.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/le-news-su-conte-schlein-mentana-boeri-atac-banca-sella-bicocca-sole-24-ore-la-verita-repubblica-e-non-solo/ on Thu, 11 Apr 2024 11:31:26 +0000.