The Committee of Experts on Economic and Social Matters has delivered to the Prime Minister’s Office a document containing strategies and suggestions on how to restart the Italian economy in the delicate post-Covid phase. The document, consisting of 120 cards and various insights divided into six sectors, addresses numerous issues. There is a chapter, dedicated to “Companies and Work, the engine of the Economy”, in which one of the pillars around which the plan carried out by the manager revolves: the struggle, without neighborhood, to theuse of cash in favor of the “Switch to electronic payments”, as a chapter dedicated to the topic explains in detail.
As the newspaper reports Italy today, the so-called Piano Colao aims to bring out the capital hidden from the taxman. To do this, experts suggest various recipes, including applying a amnesty to cash in safe deposit boxes and black fruit with which to finance interventions on schools and infrastructures, to create an ad hoc platform for tax money, tax credits.
But there are two other points on which it is worth focusing our attention. First of all, the task force proposes to ban the bills over 100 euros. After that, always with a view to extirpating the cash from our habits, strengthen the electronic payments recognizing tax deductions for all those expenses made through cards and pos.
The two proposed amnesties
As for theemersion, the payment of a substitute tax between 10 or 15% is assumed to bring out the “undeclared”. The condition? Invest a part of the amount (more or less between 20 and 60% and for five years) in instruments “that support the country’s relaunch strategy“, schools and infrastructure.
Both on illegal work and on cash, adds the agency Agi, the Colao task force actually proposes two amnesties. In the first case, he explains, it is “to favor the emergence through opportunities of Voluntary Disclosure for the purposes of regularization, by providing for an amnesty and incentive mechanism and reducing the contribution and tax wedge“.
In the second case, Vittorio Colao continues, it is “introduce the Voluntary Disclosure on cash and other values deriving from undeclared income, against the payment of asubstitutive tax and the use for a minimum period of time of a significant part of the amount in activities functional to the recovery“.
Tax advance on cash withdrawals
Going back to cash, the Colao Plan has accepted the invitation of the European institutions to put banknotes over 100 euros out of play. On the electronic payments front, the idea is to introduce measures to encourage e-payments with deductions is deductions by Irpef on payments made with instruments other than cash.
At the same time, experts aim to set up tax credits for merchants to get them used to using the same electronic payments. Sanctionson the other hand, for businesses without POS or with a non-functioning POS. Last but not least, here is the proposal to create a platform on which to manage tax credits (not only those with the public administration).
Ultimately, he points out The weather, that of the task force led by Colao is a real declaration of war on the circulation of cash. Also because, the newspaper always explains, there is a sort of fee on cash for the brave who dare to turn their backs on electronic payments. To discourage the use of cash, the document speaks of reducing the limits on cash payments and discouraging the withdrawal and use of the same. How? For example with the tax advance on cash withdrawals.
In other words, the hypothesis is to tax those who dare to use the cash machine to withdraw banknotes. On the other hand, as Colao himself had explained in recent days, “there is no need for cash, nor for pos” because “every smartphone can do these operations“. The ultimate goal, in short, is to push hard to accelerate on the electronic payments front at the expense of old cash.