The “manovrina” (mini-budget) requested of Italy by Brussels to balance the books and thus avoid the opening of an infringement procedure against our country has officially come into force. The mini-budget to reduce this year’s deficit/GDP ratio to 2.1% amounts to 3.1 billion, 300 million less than the initial 3.4 billion, and neutralises the VAT safeguard clauses.
As regards the much-discussed chapter on VAT , it is in fact expected that next year the 3% increase in the tax on mass-consumption goods will be reduced to 1.5%, in 2019 to 0.5% and in 2020 to 1%.
But one provision in particular is set to cause debate, concerning foreclosure on real estate , which is now made simpler. In detail, a more flexible limit has been introduced in relation to the attachment of second homes and other properties owned by a taxpayer who is in debt to the State. The existing ceiling of 120 thousand euros will no longer be calculated on each individual asset of the taxpayer, but on all the assets registered in his or her name. In essence, it becomes easier to seize the home of a taxpayer who is in debt to the tax authorities.
To understand better what this means, let us recall what the current legislation provides on real estate foreclosures.
Today it is prohibited to seize the first home if it is the only property owned by the taxpayer and provided that it is registered in the land registry as a civil dwelling, that is, it is not to be regarded as a luxury property.
Seizure is also prohibited where the value of the property to be seized, net of mortgage liabilities, is less than 120 thousand euros. The change introduced by the mini-budget requested of Italy by Brussels now intervenes precisely on the quantum, that is, on the value of the property to be seized when there is an outstanding debt to the tax authorities.
If the total real estate holding, including the first home, exceeds 120,000 euros, the collection agency will be able to act directly without any limit. It is therefore sufficient for the total real estate held by the debtor, and no longer the individual property to be expropriated, to reach the amount of 120 thousand euros for the prohibition to disappear.
It follows that foreclosure becomes easier, as reported by the website Laleggepertutti.it:
“in essence, foreclosure on real estate is facilitated, since it is easier, in this way, to reach the statutory threshold. Indeed, as a result of the amendment, for the purposes of real estate foreclosure the value requirements are represented (in addition to the unchanged amount of the total debt entrusted to the collection agent, which as we have said must exceed 120 thousand euros) by the cadastral value of all the properties owned, which must be at least 120 thousand euros”.
The prohibition on seizing the main residence remains in place, regardless of the size of the debt and the value of the property.
Source:
http://www.wallstreetitalia.com/pignoramenti-piu-semplici-il-regalo-della-manovrina-ai-contribuenti/
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