There is a crisis, but the IRS does not cry Proceeds Tax increase of 3.2% – The Time

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In terms of tax revenue get good news especially for technicians of the Ministry of Economy they’re tearing down the law of stability. The VAT revenue increased by 3.2% between January and August this year.

The notes to the Treasury in the Bulletin on revenue. The indirect taxes recorded a revenue of € 123,457,000, an increase of 3.4% (+4,108 million), compared to the first eight months of last year and in particular confirms the growth of VAT which increases by 3.2% ( +2159 million euro). In particular, continuing the positive trend of VAT on internal trade of 4.1% (+2,431 million euro) and, for the fourth consecutive month, down a further 2.7% of the negative differential component of ‘ VAT on imports from non-EU countries (it was 3.4% in January-July), compared to the same period last year.

Tax revenue stable over the period January-August: in the Bulletin on revenue, the Treasury announced that amounted to 266.06 billion, essentially unchanged from the same period of the previous year (- 0.4%, amounting to -1.05 billion). In particular, direct taxes recorded a revenue totaled 142.603 billion, a decrease of 3.5% (-5158000000) compared to the first eight months of last year. The personal income tax has a slight decrease of 0.8% (-928 million), reflecting the trends of the withholding tax on the income of private sector employees (-0.8%), withholding tax on the incomes of public sector employees ( -1%) and the self-employed (-2.5%), which were partially offset by an increase in self-assessment payments (+ 0.8%). The IRES shows a decline of 18.7% (-3.531 billion), mainly due, as already pointed out in recent months, with lower payments in 2013, and the balance in account 2014, made by banks and insurance companies as a result of the increase in measurement 2013 of the advance fixed for these taxpayers, to 130%.

The increase of the deposit in 2013 in fact reflects negatively on payments made to balance in 2014 (relative tax year 2013). Among other direct taxes, the substitute tax on interest and other investment income is reduced by 10.3% (-740 million), while the replacement on asset management and administration of 26.2% (-409 million). It grows instead of 110.7% (+465 million) the revenue from withholding tax on profits distributed by legal persons as a result, both the increase of dividends paid in 2014, and of the changes to the taxation of financial income.

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Philip Caleri