The hypothesis of a property tax emerged after the presentation of an amendment to the Budget Law, signed by the parliamentarians Nicola Fratoianni (Leu) and Matteo Orfini (Pd). The two exponents had proposed a progressive tax on large assets , which would replace the IMU (tax on the first home) and the stamp duty on current accounts and securities deposits. After the no of the Budget Commission of the Chamber due to lack of financial coverage, however, it is possible that another similar measure is taken into consideration. Here’s what it consists of and how it could become reality.
What is the patrimonial
The patrimonial is a tax that is calculated on the value of the assets, both movable and immovable, therefore available on current accounts, possession of shares, bonds and annuities, but also houses or precious values . It can be applied to both natural and legal persons, therefore companies. Unlike taxes, which are triggered for specific services provided (such as waste collection and disposal), the tax is required for services provided by the State or public bodies, over time and intended for the community.
It can be ” one-off “, therefore provided only once in a completely extraordinary way, or periodically , as for example applied on the occasion of the annual tax return. Finally, it can be fixed , therefore required to all taxpayers with an identical amount, or variable (and progressive) , therefore based on the assets of each, as in the case of the Leu proposal and part of the Pd.
A proposed application
A proposal by Leu and part of the Democratic Party provided for the replacement of the Imu and the stamp duty on current accounts and securities deposits with a progressive tax on large assets, therefore those of citizens considered super-rich. The proposal was rejected in the first instance by the Budget Commission of the House, the two signatories announced their intention to appeal.
To whom the patrimonial would be applied
The tax would be applied to all those who have a tax base, that is, a taxable assets, from 500 thousand euros upwards . The calculation of the net wealth on which to calculate the tax provides for the “sum of securities and real estate assets net of financial liabilities” owned or held both in Italy and abroad.
How much it would amount
The base rate would start from 0.2% for assets ranging from 500 thousand euros to 1 million euros. It would rise to 0.5% in the range between 1 and 5 million euros, to reach 1% between 5 and 50 million euros. The last bracket would be equal to 2% for assets over 50 million euros .
Since when
If the proposal passes, albeit resubmitted in a slightly different way, it will start with the next fiscal year. For 2021 alone, a 5th rate, equal to 3% on a taxable basis above 1 billion euro, would also be envisaged . The latter group would be motivated by the need to meet the extraordinary expenses for the Covid emergency.
The anti-evasion clause
The text under discussion also provides for very high fines for those who try to evade the tax, recalling the obligation to declare foreign assets “capable of producing taxable income in Italy”. In case of omitted declaration, a “pecuniary administrative sanction ranging from 3% to 15% of the undeclared amount ” would be triggered, therefore much greater than the assets itself.
Tax to pay the cost of Covid
In addition to allowing the anti-Covid funds to be increased, according to the signatories of the amendment, the balance sheet would allow savings for those who have wealth below 500 thousand euros, because it would cut the Imu, but also the residual value of the mortgage and other financial liabilities properties owned. For the Municipalities, which would see the income of the IMU cease, a special compensatory fund would be created instead.
How much would it yield
To simulate the gain that the assets could bring, as it was thought, was Il Fatto Quotidiano , according to which a 2% levy for taxpayers with assets exceeding 50 million euros and 3% for those over a billion ( less than 3,000 Italians) would bring about 10 billion euros a year into the coffers of the tax authorities.
The reasons and political reactions
According to the parliamentarian of Leu Nicola Frantoianni, the goal would not be “to put your hands in the pockets of Italians, but to eliminate all those mini-assets that affect the middle class and intervene on the progressiveness of taxation, starting with the super-rich, those little more than 2,000 people with assets exceeding 50 million euros “.
The amendment was also rejected by the M5S, with Foreign Minister Di Maio who said he was against it, by Italia Viva and by a part of the same Pd.
