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Deduction 36% and 55%, operative from 1 July, the withholding tax

30/06/2010 - enters into force July 1, the withholding tax deductions for the redevelopment of buildings, as required by Article 25 of Decree Law 78/2010 on emergency measures for financial stabilization and economic competitiveness.

From July 1, in fact, the banks and the Italian Post Office SpA will operate a withholding tax of 10% sull'Irpef on payments made by bank to take advantage of tax deductions by 36% and 55%. The deduction will be applied on the amounts paid on behalf of persons who perform renovations and upgrading efficiency.

According to Article 25 of the maneuver, the Internal Revenue Service has issued a decision for the definition of the types of payments and requirements for the certification and declaration of withheld. Financial operators must pay the withholding F24, using the tax code 1039, established by Resolution No. 65 E , certifying the deduction to the beneficiary of the transfer by February 28 next year and bring in tax withholding.

The measure of return earned many critics now. Uncsaal In particular, National Union fixtures manufacturers of steel and aluminum alloys, said that operating income of firms operating in the windows between 5% and 6% of sales. a levy 10% of the turnover would then freezing the whole operating profitability.

Even the best companies in the sector would therefore struggle to meet the costs of any funding, such as mortgages or loans, finding himself forced to reduce investment. Option that would slow down the process of technological innovation triggered by 2008.
Uncsaal According to Article 25 of maneuver threatens to weaken the benefits of 55% for both tax authorities and businesses, but also not get the results desired by the legislature.

Al bill into law for the operation, currently before the Senate, several proposals have been submitted amended, that are intended to lower the withholding tax from 10% to 4% or 5%, offsetting the costs which reduce the deductions for the costs shown in Table C of the 2010 budget . Included in this area health care costs, participation in the EU budgetary policies, civil protection, agricultural support, publishing, development of transport, tourism and social security policies.

Other amendments were also suggested to slide the deadline of July 1 to August 1 or October 1.

source: Edilportale