The Bank of Italy hearing in the House and Senate committees is sparking serious thought about the impact of the change in our tax system. Today’s reference again is inheritance, millions of Italian owners await and there is no need to take the money abroad. ProiezionidiBorsa covered in a recent article, Who has more than 15,000 euros in the account, to avoid the inheritance, can take the money abroad?.
It is good to clarify that with regard to the preserved point of the assets, the director of Ricotti of Via Nazionale describes, for a complete analysis, the positive and negative effects. Nevertheless, the positive effects highlighted seem to be consistent with the entire discussion and the principles that drive it. Let’s see why.
The starting point appears to be the necessary reform of our tax system that should allow for growth and employment over time. The way, as indicated by the Bank of Italy, cannot be an increase in the tax burden. The same indeed weighs, in an unequal way, those who respect the rules! It would be necessary, continues the head of the department Palazzo cookerFavors shapes that influence consumption and wealth. (An increase in the value-added tax? Reform appears to be in place).
Highlights: Equity and redistribution and reshaping of the tax burden
Therefore, if the tax burden cannot be increased, what is the solution? At this stage, it becomes necessary to reconfigure tax collection. what does that mean? In simple terms, it will be necessary to implement tax proportionality in relation to the tax base or assets. Desire for an explanation, bigger assets, different and gradually higher taxes.
The clear reference in the session, then, is the property and its valuation for tax purposes. In fact, at the hearing, the slightly distorted nature of property taxes was called out. Noting that the level of related tax levies in Italy is lower than that of European countries of the same size (France and Spain).
Once again the inheritance, millions of Italian owners await and there is no need to take the money abroad
Therefore, the actual risk is the asset that goes through land registry reform, a system that is now outdated. Among other things, the increase in area income or real estate tax rules combines the need for cadastral reform and redistribution of the tax tax.
One hypothesis could be to convert rooms to square meters in order to obtain a new classification. This would allow for the same revenue of over 40 billion, but keep in mind, reconfigure it in proportion to the true values of the assets. In short, in fairness.
Another point which has been taken up frankly is the taxation of movable assets. Outbound transfers or capital flight do not appear to be a problem under Eurozone countries’ mutual contact agreements. The mutual communication agreements are likely to extend outside Switzerland to countries with concessional taxes.
Pay attention, in addition to communication, the next step will be to start operating systems that can freeze amounts even in foreign accounts. So we think again about the assets, millions of Italian owners are waiting and there is no need to take the money abroad.