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05 November 2019In the period from January to September 2019, the tax revenue recognized on the basis of the criterion of legal competence amounted to 324,825 million euros, marking an increase of 3,119 million euros compared to the same period of the previous year (+ 1.0% ). The figure continues to be affected by the negative change of 2.3%, recorded in the past month of February, determined by the trend of the substitute tax payments on the results of individual portfolio management (-665 million euros) and of the tax replacement due on complementary and individual pension schemes (-712 million euros). The Ministry of Economy and Finance announced this.

September saw a significant increase in revenue of € 6,994 million (+ 23.6%) compared to the same month of the previous year. The performance was influenced by income from self-paid taxes with personal income tax revenue of 4,888 million euros (+3,875 million euros) and IRES of 3,329 million euros (+2,476 million euros), linked to the extension to September 30 of the terms of payment of all self-paid taxes for those who carry out economic activities for which the reliability indicators have been approved.

Direct taxes amounted to € 174,457 million, an increase of € 1,372 million (+ 0.8%) compared to the same period in 2018. Income tax revenue increased by 1.7% (+ € 2,300 million EUR).

We note the positive trend of personal income tax withholdings on private sector workers (+2.127 million euros, + 3.5%) and on public sector employees (+1.600 million euros, + 2.9%) . On the other hand, there was a decrease in withholdings made by self-employed workers (-932 million euros, -9.8%).

The other direct taxes include a reduction in the substitute tax on income and withholding tax on interest and other capital income (-77 million euros, -1.2%), of the substitute tax on capital income and capital gains (-756 million euros, -77.2%) which reflects the negative performance of the markets during 2018. The substitute tax on the value of pension fund assets also shows a decrease of 778 million euros which reflects the results negative average returns obtained in 2018 from the different types of supplementary pension schemes.

Indirect taxes, which amounted to € 150,368 million, recorded a positive change of € 1,747 million (+ 1.2%). The result is linked to the trend in VAT receipts (+2.145 million euros, + 2.4%) and, in particular, to the component of withdrawal on internal trade which records an increase of 2,256 million euros (+2, 8%), on the other hand, tax revenue from imports decreased (-111 million euros, -1.1%).

The insurance tax shows a 39.7% decrease determined, in July, by the recovery of the greater advance paid in 2018 due to the tax rate increase, from 40% to 58%, envisaged by the finance law for the 2018. The stamp duty shows a decrease of 457 million euros (-8.4%) due also to the new provisions, in force since 1 January 2019, which have modified the methods of payment of the tax on electronic invoices. Registration tax also decreased -177 million euro (-4.9%).