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Item ivc-italian-response-to-the-crisis-caused-by-covid-19-2020

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Item ivc-italian-response-to-the-crisis-caused-by-covid-19-2020

  1. 1. Italian response to the crisis caused by Covid-19 Di Fazio Giacomo Antonio Ministry of Economic and Finance 16th Annual Meeting of the Network on Fiscal Relations Across Levels of Government Virtual Meeting 3-4 December 2020
  2. 2. Numbers of COVID-19 pandemic in Italy 7-day rolling average of new daily tests, share of positive tests and people healed Source: Ministry of Health
  3. 3. Economic crisis
  4. 4. Italian response to health and economic crisis Total resources allocated to date in response to the emergency amount over to € 120 billion. This enormous effort, in terms of size and scope, aims to defend Italy's production capacity and limiting the drop in GDP as well as mitigating the other economic and social effects of the pandemic. The main measures approved by the Government are: 1. Strengthening of the National Health System and the Department of Civil Protection; 2. Preserve employment levels and incomes; 3. Strengthening support for economic and productive activities; 4. Suspend the payment of taxes and provide tax incentives to workers and businesses; 5. Allocate significant resources to Local authorities.
  5. 5. Healthcare and Civil Protection The Government has allocated 9.5 billion euros to ensure staffing and tools for the health care system, the civil protection department and law enforcement bodies in order to assist people affected by the disease and prevent, mitigate and contain the epidemic. In particular:  The National Emergency Fund was refinanced for 3.73 billion;  1.4 billion euros have been allocated creation of 3,500 new intensive care beds and requalification of 4,225 new beds in the semi-intensive area,  1.2 billion for the strengthening of territorial assistance, in particular assistance to patients in home isolation;  Hires in the national health system amounted to 20,000 and the Regions have the right to re-determine their own personnel needs plans;  It is authorized to provide subsidized loans or non-repayable contributions to companies producing medical devices and personal protective equipment (50 million);  The expenditure on scholarships for medical specialists increased by 105 million euros for 2020 and 2021 and by 109 million euros for each of the years 2022, 2023 and 2024.
  6. 6. Tax measures Various tax measures have been adopted, which aim to provide additional and substantial support for the liquidity of households and businesses. • Suspension of taxes, with no turnover limits, for the most affected sectors; • Exemption of the June IRAP (regional tax on productive activities) balance and advance payment, for companies with turnover up to €250 million; • Tax credit for sanitation; • Tax credits of up to 110% of the costs, for restructuring of domestic buildings aimed at improving energy efficiency and structural and seismic resilience in years 2020 and 2021 • Tax credit for commercial rents; • Exemption from the ‘TOSAP’ (tax on the occupation of public spaces and areas) and ‘COSAP’ (fee for the occupation of public spaces and areas) until 31 December 2020; • Exemption from second instalment of the IMU property tax in 2020, for some categories of properties, such as hotels and guesthouses and tourist accommodation facilities; • Exemption from IMU property tax in 2021 and 2022 for cinemas and theaters.
  7. 7. Resources to Local authorities Over € 10 billion to ensure the regularity of public action at all levels of government. Creation of two funds (one for local authorities and one for regional authorities) to deal with lower tax revenues and safeguard budget balances: • € 5.17 billion for local authorities to perform their function (€ 4.22 billion for municipalities and € 0.95 billion for provinces and metropolitan cities); • € 4.3 billion for the regional authorities to perform their functions. Additional resources have been allocated: • to make up for the lower revenues from the tourist tax (€ 400 million), Tosap/Cosap (€ 210 million) and the IMU property tax (€ 160 million); • to support local public transport (€ 400 million), to support local authorities with a structural deficit (€ 350 million for the 2020-22 three-year period) and for regional disputes (€ 210 million); • to suspend the 2020 principal repayments for the MEF mortgages of the autonomous provinces (€ 88 million). Investment measures have also been strengthened: • To make buildings and the local area safe (€ 900 million in 2021 and € 1.75 billion in 2022); • to ensure the safety of schools (€ 1.12 billion for the 2021-2025 period) and to make bridges and viaducts safe (€ 600 million in the 2021-2023 period).
  8. 8. Conclusion and future prospects  Continue cooperation between different levels of government  Ensuring Italy's economic and social stability, supporting employment, guaranteeing families’ incomes and living conditions and expanding social safeguards  Guarantying a recovery characterized by investments, innovation, growth and environmental and social sustainability, introducing new tools to combine economic recovery, social cohesion and safety
  9. 9. Thank you!

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