Super bonus, loans “free up” maneuver: more funds for salaries and pensions

Superbonus continues to weigh on public accounts on the eve of the Meloni government’s 2024 fiscal maneuver. Eurostat, the statistical office of the European Union, expressed its opinion on how Istat should account for tax credits accrued in 2023. Controversial subsidy for home renovation: For the EU statistical agency, these funds will have a weight on the current year and increase the deficit. The news came a day before the government approved the update note to the Economic and Financial Document (Nadef), which determines the scope of the budget law: the issue has been postponed until next year.

Super bonus credits matter: here’s why

Eurostat sent a letter to Istat explaining how Superbonus tax credits will be accounted for within the state budget. The European Statistical Institute cites the February 2023 legislative provision to justify that the financial effects of the Superbonus “are currently recorded in public accounts as tax credits payable in 2023.”

The concept of “payable” has important and immediate consequences for state coffers, as it means that the general tax credit for those using the Superbonus must be fully taken into account in the year in which the work is carried out. The “Not Due” heading will include tax credits that are phased in based on the years in which the tax credit is expected to apply.

According to the latest data published by Enea, at the end of August 2023, the work financed with Superbonus exceeded 83 billion euros. Regarding the accounting of the Super Bonus accrued in 2024, Eurostat requests Istat to “review and regulate by the end of the first half of 2024 at the latest.” The document also mentions “stuck tax credits and interventions the government could take to address the problem.”

How is the 2024 budget law changing?

Eurostat’s decision on loans increases the 2023 deficit but makes room for 2024; This is precisely because of the parameters that Economy Minister Giancarlo Giorgetti used when creating the budget law. The impact is therefore concentrated on the deficit in 2023 and previous years, when the “old” rules of the European Stability Pact still apply, avoiding bad surprises due to Italy’s very high deficit.

While we wait for new community rules, it is better to avoid having deficits in the coming years already burdened by other loans that need to be accounted for as they are used. Therefore, if the loans are used for studies to be carried out in 2023, they must be budgeted for 2023. As a result, with the new Eurostat indicators, the government will be able to count on additional resources of between 4 and 4.5 billion euros, which it hopes to obtain. These will be fundamental in laying the foundations for a narrow-margin maneuver with the expansion of the existing pension system, starting with the approval of cuts in the tax wedge worth around 10 billion euros alone for 2024. Quota 103.

Continue reading on…

Source: Today IT