Fiscal decree 2019 converted into law: all the news in the final text

Fiscal Decree 2019 : the text containing changes and news following the conversion into law of the attached to the Budget Law was published in the Official Gazette of 18 December 2018.

The DL n. 119/2018 was converted into law n. 136 dated 13 December 2018 and contains all the tax news and urgent measures approved by the Parliament in the final text with 272 yes, 143 no and 3 abstained to the Chamber, which has maintained the latest changes made by the Senate.

During the long and troubled process of the tax decree 2019, the rules of fiscal peace and scrappage have undergone numerous and continuous changes compared to the first version of the document .

The so-called amnesty tombstone disappeared definitively and stance of fiscal peace is completely changed compared to the measures initially from the text of the Tax Decree 2019.

In the conversion into law of the tax decree 2019 , the special supplementary declaration no longer exists that allowed the emergence of up to 100,000 euros of undeclared amounts and not even the settlement and removal of tax records for taxpayers in difficulty.

On the other hand, fiscal peace has kept the latest news on the subject of scrapping, or more installments and deadlines to pay off debts and amnesty for formal irregularities in the declaration of income that can be remedied by paying € 200 for each tax period.

The mandatory introduction of the electronic invoice was confirmed on 1 January 2019 , despite the general dissatisfaction expressed through the various protests of accountants, VAT number holders, entrepreneurs, artisans and Brothers of Italy who on 12 December 2018 in Piazza Montecitorio against the measure.

Do not ask an open Pir to do a closed fund

The Pir is a strong tool both for the tax incentive and for the long-term perspective that distinguishes its strategy. Without this premise, undoubtedly 2018 was a difficult year for the price lists and therefore also for the performance, but not for the collection which remained positive and represents over 40% of the balance for the first 9 months of the year.

Some redemption, however, there was …

Pir open funds are liquid products, from which you can exit at any time if necessary. This on the one hand is a service for the customer who, although investing in the long term can redeem, but at the same time is an implicit limit because the fund can not invest in the most illiquid segment of the market. Open Pires do not invest in non-demobilized instruments, because they must guarantee the liquidity of the share. With a view to complementarity, there would also be development opportunities for closed funds.

Like the Eltif?

Yes, too. The Eltif are alternative funds closed and therefore could lend themselves to the purpose. However, in Italy they are not yet present. However, it is difficult to sell them to retail customers because the closed product is proposed as something that can not be left out.

However, the open Pir can invest a part in low liquid products.

Yes, there is a limit of 10%, but the theme is to understand what is meant by low liquid products. To give an example in this definition are certainly not the shares of a company that being entirely illiquid could not even enter into a small part in the assets of an open Pir.

What do you hope for 2019?

That the discipline of the Pir retains those characteristics that have ensured its success.

What is it referring to?

Amendments to the Budget Law are circulating, which would risk to cause it too much to become unworkable, such as the obligation to invest minimum shares in venture capital funds. You risk intervening on an instrument that works to make it do what it can not do, requiring the inclusion of very illiquid instruments in the portfolio. The positive aim of bringing resources to the economy pursued in this way risks to move away from the form of the open fund, which is also the only one that the Pirs have hitherto assumed.

But the Pir are often accused of investing little in SMEs.

Open funds can only be in the markets: 27% of assets are invested in mid-cap issuers, 3% in small caps and 2% in AIM. Unlike two years ago today Aim thanks to the Pir is considered a good entry point for many companies due to the wide availability of investors looking for opportunities. And it is also on these companies that the Pir invest: at the end of June they held 10% of the Aim’s free float. An open fund does not invest in the initial part, ie on start-ups, which are better suited to closed-end funds. These, however, today in the Pir form are not present on the market.