Unimpresa’s national advisor, Isa Gatti, voices concern over the reduction of the tax credit in the single Special Economic Zone (ZES), a measure that risks nullifying the investments of businesses in Southern Italy.
A two-thirds cut in the tax credit
Yesterday evening, the Revenue Agency announced a measure that took many businesses by surprise. The decree issued on May 17, 2024, by the Minister for European Affairs, the South, Cohesion Policies and the NRRP, in collaboration with the Minister of Economy and Finance, set the tax credit percentage at 17.6668%. However, according to Unimpresa, this percentage should have been at least two and a half times higher, resulting in a two-thirds cut of the expected credit.
Consequences for businesses
The tax credit is aimed at companies making investments from January 1, 2024, to November 15, 2024, for the acquisition of capital goods intended for production facilities located in the single ZES. The measure was determined by considering the total amount of bonuses requested, amounting to 9.5 billion euros, compared to the available resources of 1.7 billion euros. Consequently, the effectively usable percentage is 17.6668%.
A return to “click days”
Gatti compares the situation to past “click days,” where resources were allocated based on the order of application. In this case, however, the issue is not timing but long-term vision. Unimpresa hopes the Government will find the necessary resources to adequately fund this expenditure and ensure a tax credit that truly encourages investments.
The need for a clear vision for the South’s future
The tax credit measure for the Special Economic Zone (ZES) is deemed crucial for revitalizing the South’s economy. However, according to Gatti, the decision to create a single ZES for the entire South has distorted the initiative, leading to a misjudgment of investment potential. Gatti concludes by emphasizing the importance of correcting mistakes to prevent businesses from bearing the consequences.
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