Mef data: with Covid and decline in GDP in 9 months, tax revenues -21.3 billion

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05 November 2020 Red light for the state coffers.

Health emergency, drastic measures for its containment and the simultaneous contraction of GDP have contributed to causing a reduction in tax revenues.

In the period January-September 2020, the Ministry of Economy and Finance highlights, the tax revenues ascertained on the basis of the criterion of legal competence amounted to 303.498 billion euros, marking a reduction of 21.327 billion euros compared to the same period of previous year (-6.6%).

"The negative change - explains the Mef in a note - reflects both the worsening of the economic situation and the measures adopted by the Government to deal with the health emergency. In fact, after the positive trend recorded in the first two months of year (+ 5.4%) linked in particular to the favorable dynamics of the payments of the substitute tax on income from capital and capital gains and those of the substitute tax due on supplementary and individual pension schemes, in the following months the decrease in income from tax revenue was influenced by the effects of the various regulatory interventions that ordered the suspension of tax and social security payments ".

Direct taxes in the first nine months of the year amounted to 176,580 million euros, an increase of 2,123 billion euros (+ 1.2%) compared to the same period of 2019. The personal income tax amounted to 136,671 million euros, with a decrease of 2,563 million euros (-1.8%).

The trend in withholding taxes on private sector employees 'incomes and on self-employment income shows a decline of 7.0% and 7.8% respectively, while withholding taxes on public sector employees' incomes recorded an increase of 4.1 %.

The IRES shows an increase of 1,781 million euros (+ 10.8%).

Among other direct taxes, the increases in the substitute tax on investment income and capital gains (+1,053 million euros) should be noted, reflecting the positive performance of the financial markets in 2019 and the substitute tax on asset value of pension funds (+1,179 million euros), the increase of which is determined by the positive results of the average returns obtained in 2019 from the various types of supplementary pension schemes.

VAT

The substitute tax on income as well as withholdings on interest and other capital income, on the other hand, shows a slight decrease of 0.5%. Indirect taxes amount to 126.918 billion euros, with a decrease of 23.450 billion euros (-15.6%).

The significant decrease is mainly attributable to the reduction in VAT (-12.625 billion euros equal to -13.7%) and in particular to the internal trade component (-9.693 billion euros equal to -11.8%), due to the postponement of VAT payments.

The revenue from VAT on imports recorded a decline of -2,932 million euros (-28.1%) in the period.

Among other indirect taxes, the insurance tax decreased by -21.3% and the registration tax -21.5%, while the stamp duty marks an increase of 3.2%.

The excise tax on energy products, their derivatives and similar products recorded a reduction of 4,737 million euros (-26.4%) due to the application of the relaunch decree (art.130-131-132), with which they are the percentages of monthly payments have been reduced to 80%.

Similarly, the excise tax on natural gas for combustion (-484 million euros, -17.8%), the excise duty and tax on non-condensable gases (-119 million euros, -26.0%) showed a decrease in revenue. ) and excise duty on electricity and additional energy (-64 million euros, -3.1%).

Revenue relating to "games" amounted, in the first nine months of 2020, to 7,490 million euros (-4,043 million euros, -35.1%).

Revenue from tax revenues deriving from verification and control activities amounted to 6,158 million (-2.480 billion euros, equal to -28.7%) of which: 2.862 billion (-1.719 billion, -37.8%) they flowed from direct taxes and 3,332 billion (-761 million euros, -18.6%) from indirect taxes.

The data - finally explains the Mef - are influenced by the "Cura Italia" decree which had already suspended the terms of payment of tax and non-tax revenues deriving from payment notices issued by the collection agents in the period from 8 March to 31 May 2020, further extended by the Relaunch Decree until 31 August.

The recent DL n.104 extended, from 31 August to 15 October, the deadline for the suspension of the notification of new bills and the sending of the collection documents, also arranging for the suspension of payments relating to bills, debit notices and notices of executive assessment expiring from 8 March: payment must be made by 30 November 2020. Lastly, the recent decree law n.129 of last October 20 has deferred the deadline for suspension of payment of all revenue from payment notices, debit notices and notices of assessment entrusted to the collection agent.