June 28, 2022

Wire Service Canada

Complete Canadian News World

One year extension for allocating credits

The government and parliament are looking for a (difficult) solution to revitalize Superbonos And the rescue of 30,000 companies, according to the Chinese news agency, threatened with bankruptcy. In the aid decree, which next week will go to the center of debate in the House of Representatives, a rule could be approved to allow companies to “hold” credits in the tax drawer while they wait to find a buyer. To understand why this rule is so important, it is necessary to step back. Banks stopped buying tax credits from construction bonuses. So the market froze. The whole mechanism has broken down. The match remained largely in the hands of construction companies. Many of them have accepted jobs without clients paying them directly, but using an invoice discounting system. In practice, the state must pay through the tax bonus. Until a few months ago these companies were sure that a bank, post office, Cassa Depositi e Prestiti or even another company, would buy this credit to provide the necessary liquidity. Which in turn will be paid to suppliers and workers. Without being able to allocate credit, businesses are in trouble. Many of them are now in the gas barrel.

Superbonus is blocked by banks, they will no longer discount business bills: 33,000 companies at risk of default

cry for help
A cry of alarm has reached Parliament, where the aid decree is being debated. The chairperson of the Committee on Productive Activities, Martina Nardi of the Democratic Party, has been working for some time on joint action by all parties to try to release a life jacket for the procedure and, accordingly, to the entire sector. A series of “joint” amendments have been submitted to the House of Representatives and will likely be voted on starting Monday, June 20. In some of these, discussions with the government may seem easier. The first change being worked on is a type of corporate credit provision. Builders who have accepted jobs at bill discounts in 2021 and haven’t yet been able to sell them to banks will be able to keep the credit (which will expire in 2022) in their tax drawer for another year if not more. One way to avoid companies that have already carried out the work will not charge anything (in this case, according to Cna, there will be jobs for 2.6 billion euros). The second intervention is to increase the number of potential buyers of tax credits. Today, construction companies can only sell their loans to banks. which, in turn, could exchange them among themselves or, after two empty lanes in the banking system, could be sold to a large client company that had debts with the tax authorities and could thus offset the credit.

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the passage
The idea is to extend this “fourth transfer” to all current account holders with a VAT number and a balance sheet over €50,000. In short, if the bank has a client who is indebted to the tax authorities, it will sell him the credit of the construction company in order to allow him to compensate by guaranteeing him a small profit from the operation. A discussion between the government and the majority on these issues is scheduled for next week. At the moment, the government has set one but very important quota: any change should not be a burden on the state. As you’re saying, you can unlock the former, but the belt on the Superbonus should still be tight. After all, Mario Draghi made clear his opinion of the procedure (“I don’t like it”). Also for this reason, it would not be easy to pass another motion in Parliament signed by almost all parliamentary blocs. That is, the exchange between tax credits for bonuses purchased by banks with BTP.

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