The majority is looking for certain resources to close the framework of the 2026 Budget Law. At least one billion euros are needed to support the changes requested by the various parties, who in recent days have called for interventions on short-term rentals, ISEE, dividends from subsidiaries and measures for the police.
After the summit at Palazzo Chigi, the group leader of the Brothers of Italy in the Senate, Lucio Malan, explained that the figure could be even higher, indicating a requirement that is still being defined.
Among the first points addressed is the correction on the increase in flat rate tax on short-term rentals. The negotiation aims to maintain the rate at 21% at least for the first home, while the hypothesis of 26% would remain valid for the third property.
At the same time, the discussion continues on the modification of the ISEE to exclude the first home from the calculation and on the measures to guarantee new resources to the police.
Gold reserves and family taxation
Among the amendments initially inserted there was also one which clarified that the gold reserves of the Bank of Italy
they belong to the State in the name of the Italian people.
A reference that does not change the nature of the reserves, already attributed by law to the Bank of Italy, a public law body. This is approximately 2,400 tons of gold, with a book value of 197 billion euros.
The reserves are linked to the functioning of the euro and the monetary policy of the Eurozone, therefore any rule concerning them should first be subjected to evaluation by the European Central Bank, which specified that it had not been consulted.
In 2019, Ignazio Visco, governor of the Bank of Italy at the time, explained that gold
it cannot be used as monetary financing for the activities of the Ministry of Economy.
Gold is a hedge against adverse events. In fact, its price tends to rise at times when financial operators perceive a high level of risk. The investment allows you to have protection against scenarios considered very risky, although unlikely.
The hypothesis of introducing voluntary taxation on the revaluation of gold held by families does not offer significant margins. The measure provides for a substitute tax of 12.5% compared to the ordinary rate of 26%, but does not allow us to estimate a certain revenue to be included in the budget.
Banks and insurance companies are back in the spotlight
With the impossibility of resorting to gold reserves, attention shifted once again to banks and insurance companies.
During the majority discussion, an increase in IRAP to 2.5% was hypothesized, slightly lower than the three points discussed in recent weeks. The measure should provide an exemption of around 90 thousand euros to protect smaller institutions, while leaving the impact on large groups unchanged.
The prospect of reopening the game with the financial sector has created internal tensions among the majority. The Prime Minister had already considered the initial agreement to be closed, but Forza Italia asked for a new discussion table with the Minister of Economy, the Deputy Prime Ministers and representatives of the banks. Estimates indicate that the revision could guarantee between 200 and 300 million euros, insufficient to cover the entire requirement.
The amendments and the first cuts in the commissions
The admissibility examination of the amendments reduced by a quarter the over 400 proposals presented to the Senate on the Budget Law.
The extension of Opzione Donna, the rule on the civil liability of doctors, the release of the salary caps for public managers and the request for restitution of the fiscal drag advanced by the opposition were excluded due to lack of coverage or extraneous nature of the matter.
However, 4 of the 5 amendments that expand the possibilities of the building amnesty remain under consideration, including the one that eliminates the principle of double conformity, allowing amnesties even for works that do not comply with the legislation in force at the time of construction.
The Accounting Office will now have to verify the costs and coverage of the proposals still under consideration. Only after this step will the government be able to express a definitive opinion on the amendments.
