Superbonus and the mess on tax credits, the Court of Auditors intervenes to unravel the key to the problem. Comment
Let me start by saying that I am not a jurist or an accountant, but a simple person economics scholarand this time I want to delve into the discussion regarding the tax credit. Assuming that we all know what it is, we can say that “the tax credits issued are counted in the accounting of the Italian State at the moment in which they are established or granted. This typically happens via the preparation of laws, decrees o measures that recognize certain people tax credits to certain categories of taxpayers or for certain purposes. The counting therefore takes place when the events occur conditions required to obtain tax credits, for example when certain investments are made, certain workers are hired or certain expenses”.
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Now to get to the heart of the issue of tax credits we have about them 140 billion and a question arises spontaneously: are they all true? We will talk later about the control which is carried out only upstream and not downstream. Returning to the topic, Eurostat gives us a positive and a negative, but partial, answer. The 110% tax credit is not public debt and this is the positive note. As regards current spending, Giulia Sirtoli wrote an article on 15 February 2023 that I consider exhaustive: “110% is not public debt” published on ItaliaOggi.it. Now it remains to be defined how to attribute the tax credit issued: whether by year of issue or when it will be cashed.
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And here is the final surprise: “According to Italian tax legislation, tax credits are accounted for at the time of issue“. This means that once a company or taxpayer is entitled to a tax credit, this is recognized as an asset on the balance sheet at the time the entitlement arises. Perhaps the state budgets are not up to standard? Did someone forget to register them when they were issued? Who will answer for it? For all this it will be good for the intervention Court of Auditors to unravel the key to this skein. I close by taking up the theme of controlsbecause there is a lot of falsehoods in circulation, question: is it possible to involve accountants, design and construction site technicians to certify the successful completion of the works? It costs the State nothing, but it will also be good to protect the categories mentioned above. If new developments occur we will see in which framework they will be inserted and perhaps we could make a further comment. Thank you.
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