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Startup: let’s look forward togheter

Good Evening by giuliocentemero on giuliocentemero.com.

The Law Decree 4 of 2015 and the subsequent Ministerial Decree 33 of 2015 allowed the so called Innovative Startups to be incorporated through an online procedure. Sentence 02643 of 2021 by the Council of State, the last degree of the administrative justice, accepted the appeal of the Notarial council and excluded this possibility.
Although this doesn’t have a huge economic impact on the ecosystem it represents a step behind in the digitalisation of the country and creates additional red tape. How can we attract talents and investors if we add instead of removing obstacles. Furthermore I think also that the professional figure of the Notary Public should evolve along with new technologies. Let’s look forward together.

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The Recovery Fund resources will be avaible by the end of summer

 

Hello and good afternoon by Giulio Centemero on giuliocentemero.com.

On the 8th March we had the hearing of minister Franco about the recovery plan.
Minister Franco explained that ninety percent of the 750 billions of the Next Generation EU will be distributed through the Recovery and Resilience Facility (RRF). The guidelines of the Commission provide that in order to have access to the resources each Country has to draft a plan describing investments and reforms in six areas: green transition, digital transformation, employment and smart/sustainable&inclusive growth, social and territorial cohesion, health and resilience and next generation policies (including education and skills’ development).
At least 37% of the allocation has to sustain the green transition while at least 20% the digital transformation. Plans should be submitted to the Commission by the 30th April 2021, the Commission has 8 weeks to evaluate them and send them to the Council which has 4 weeks for its final decision. It means that the resources will be available by the end of summer. Mr. Franco also said that the main reforms for Italy will be in the areas of Justice, Public Administration and Simplification.

Thank you for your attention and see you next week always on Giuliocentemero.com.

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New challenges await Italy

Hello and good evening by giuliocentemero on giuliocentemero.com!
The trust vote for prime minister Draghi obtained an overwhelming majority and the next week the Chamber of Deputies will restart business as usual with the postponements decree. A big challenge this government will have to face is a global trend reflected also in Italy, the dichotomy between finance and real economy, it wasn’t expressly mentioned in the speech of the prime minister but I’m sure mister Draghi is considering this aspect that was also one of our main concerns: funneling cash into the real economy. What’s the solution? A financial education plan that would push the Italians to invest their huge amount of savings into the real economy.
Thank you for listening and see you next week always on Giulio Centemero.com

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Coronavirus. Italy. It is time to change the architecture of this Country towards more autonomy, towards federalism and direct democracy

 

Good evening everybody by Giulio Centemero on giuliocentemero.com.
This weekend there was the usual appointment with “The press conference”. A very special conference, a Saturday night’s conference!
What did Conte and Gualtieri announced during this episode? 300 million euros of grocery vouchers will be assigned to the municipalities. How? Let’s read some parts of the order:
1. “On the basis of what allotted each municipality is authorized to purchase grocery vouchers to be spent on food in the shops listed on the municipality’s website.
2. The mayors of the municipalities have to identify the beneficiaries among the families more exposed to the risks arising from COVID-19 epidemic, prioritizing the ones without any other public support.”
Everything is on the shoulders of the mayors.
Without polemicize about the nature and the quantity of the allotment it is crystal clear that Local Entities, and in particular Municipalities and Regions, are very important. Mayors and presidents of Region, directly elected by the citizens unlike the Prime Minister and the President of the Republic, are together with the healthcare personnel, the real heroes managing this crisis. This government humiliates and underestimates them, this government wants a more centralized State but, when there are actual actions to be undertaken it is always the turn of Mayors and Presidents of Region.
It is time to change the architecture of this Country towards more autonomy, towards federalism and direct democracy.

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CORONAVIRUS. We also think about Italy’s economic future

 

 

 

 

Hello and good evening from Milan.
In this moment the focus is the health of the people and this is why we are all staying home. After the health crisis we have to think about the future of the people in terms of jobs and economy, this is why last Sunday I publicly asked the Government and Consob to consider a unilateral short ban: the conditions made me think of possible financial speculations and a significant increase of volatility on the markets.
Well, everybody saw what happened and finally on Thursday the 12th March the prohibition for short selling was issued for 85 shares traded in the MTA Italian regulated market. Unfortunately this delay of action plus other facts that everybody noticed had a huge cost for Italy. On Friday the 13th I wrote an email to Consob asking to allow the shareholders’ meeting to be held virtually instead of just postponing them, because about 25 billions dividends have to be distributed, out of which 12 would be cashed by the end of June: such a liquidity is more than ever needed by investors and enterprises. A delay could be fatal. Moreover it would be a negative message for international investors. Hopefully my message will be taken into account in the decree which the council of Ministries is discussing tonight. We’ll know that soon. It is true that most of the Italians, especially after this week, are feeling a little neglected by our neighbors but I think that from this crisis we will come out stronger than ever. I read a metaphor on the internet: Italy is a beautiful girl walking on five-inch heels, a girl with whom you can talk about arts, food, science, bit of everything because she knows all of those. If she falls while walking the jealous ones laugh, but just the time to stand up again on her heels and she’ll be more beautiful than ever.

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The OECD report. Italy needs a positive framework for investment development. My speech of the week!

 

Last week, OECD Secretary General Angel Gurria presented at the ministry of Economy and Finance the OECD Capital Market Review On Italy 2020.
I listened to his presentation, by the way you can download his speech together with the report from the OECD website, and I can’t but agree with some of the words he said, especially after seeing that the FTSE MIB slumped near 400 points, or 1.6% on Friday morning, after preliminary estimates from ISTAT showed the Italian economy shrank by 0,3% in the last quarter of 2019, surprising markets, but not surprising who lives in Italy and knows the measures contained especially in the last budget law.
Political uncertainty is discouraging investors, this is why we proposed as League a majority electoral system for example.
We need to focus on the creation of a strong entrepreneurial fabric in order to contribute to the overall stability.
The absence of the government on subjects like our economic infrastructures unfortunately increases the degree of uncertainty.
In this context lies the OECD proposal to facilitate the access to Capital markets for the SMEs also by pushing IPO’s and aiming at the decrease and stabilization of the tax burdens.
Unfortunately in the agenda of this government there are no actions aiming to support the reforms and the rule of law, in the Agenda of this government there are only discussions about who’s going to seat in the boards of state owned companies.
We need to create a positive framework for the development of our economy starting from assets like Human Capital, enterprises and savings; the latter too often are not invested in our real economy and that’s why for example as league we proposed to dedicate a portion of the Individual Saving Plans for investments in the Small Mid Cap markets and to Detax the capital gains on investment in ELTIFs.
The first measure is now in place and effective, the second one needs to be authorized by the EU Commission and I really hope it will work.
As the OECD says Capital Markets in Italy are still small compared to the size of the Economy. A bigger size would definitely help the creation of a stronger Fabric.

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Economy Economy and International relations Videos

8thDecember2019_MyNewVideo

Hello and good afternoon by Giulio Centemero on giuliocentemero.com.
It’s 8th December and, as tradition states, we prepared the Christmas tree.
Yesterday the La Scala premiere took place with one of the first Operas I watched when I was a kid: Tosca. I personally love the first act and I consider it to be part of my philosophy of life: don’t mix the sacred with the profane.
During this week the Chamber of deputies voted for the Tax Decree on which the confidence procedure was applied.
Too many amendments were tabled by the majority to say that this majority is solid.
Moreover the budget law will basically be discussed only in the Senate, depriving the functions of the parliament, and the lower house in particular, in a parliamentary republic!
We are thinking to appeal the Constitutional Court for this.
It is funny to hear that we can’t have new elections, like for example happened in Spain or the UK, because the term of the parliament lasts five years and in the same time see one of the houses of the Parliament completely excluded from the most important law of the year, the one deciding the budgetary allocations for all the country. There are no urgency matters, for example there aren’t any infringements proceedings, justifying such a rush and such a closed process.
Meanwhile thousands of people are signing a petition against the proposed reform of the European Stability Mechanism: one aspect pushing the people to sign the petition is the fact that prime minister Conte didn’t involve the Parliament in the process and didn’t take into consideration a position taken by the Chamber of Deputies, i.e. by the representatives elected by the voters.
Again, an attempt to weaken the DNA of our Republic.
I think these are de facto consequences of an unbelievably quarrelsome majority which doesn’t have a clear vision for Italy.
This lack of vision is testified also by Atalantia, Ilva and Alitalia cases.
For the latter the majority readers in the Senate tabled an amendment providing for a 6 months loan of Four hundred millions at the euribor rate; it is a so called bridge but no one knows where it’s going to take us this bridge.
Thank you for listening, see you next week on giuliocentemero.com.

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Economy and International relations Finance, business, entrepreneurship Personal Blog Press

This week: a decreased total tax rate on SMEs back to 2011 levels, Renzi’s and Toti’s new parties and their consequences, majority splits in two important votes.

 

 

 

 

 

 

One difficult thing for policy and law makers is measuring the impact of their actions.
Thanks to some tax measures introduced by the League in the last Financial Bill and the Growth Decree, i.e. the first portion of flat tax and the deductibility from Corporate Income Tax of property taxes on industrial buildings, the total tax rate on SMEs decreased of 2,4% according to CNA. The CNA is one of the associations of Italian Small Businesses and its observatory released a report analyzing tax burdens town by town because a part of the fiscal policies are devolved to local authorities, for example the above said property tax called IMU.

Many of you are asking what changes with the creation of the new party of Renzi within the parliament.
Other than the fact that a new party with a DNA significantly different than the one of the Conte Bis Government, thing that would reasonably oblige the Prime Minister to ask for another Confidence Vote because the one that passed was on a different program, Italia Viva formed a group in the lower house and it’s going to form one in the Senate.
A group within for example the lower house has a certain degree of discretionality: according to the Chamber of Deputies regulation, article 14, a group is granted with a Budget; according to articles 23 and on, the chairmen of the groups participate to the groups’ chairmen conference together with the Presidency of the Chamber to define the planning and chose the subjects to discuss. The planning is approved with the vote of the chairmen representing at least 75% of the MPs.
You can definitely see how influential can be political groups with their own representation within the parliament.
In the case of “Cambiamo!”, freshly founded party, Mr. Toti (former Forza Italia member) couldn’t reach the minimum number of MPs or Senators to form a group within one of the two houses.
Its MPs and senators are therefore sharing uncomfortable seats within the so called “Mixed groups”, technical groups formed by people with very heterogeneous political views, with whom they have to continuously negotiate their institutional presence.

In a single week the new majority got divided over two votes: the first one in the RAI (our public television) vigilance committee and the second one in a secret vote in the plenary session about the house arrests of a Forza Italia MP.
Meanwhile other than Italia Viva and Cambiamo! Some other MPs and senators left, or are preparing to leave their original groups of election.

I bet the next week will be also interesting, especially because the Eurozone Business Survey and the Germany consumer morale will be released.

See you soon on giuliocentemero.com!

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Business Economy Economy and International relations Finance, business, entrepreneurship

Giulio Centemero (League): CONSOB BLOCKS 4 ABUSIVE TRADING SITES IN FIRST INTERVENTION

 

 

“Consob exercised, for the first time, new supervisory powers to fight unauthorized financial web use, barring four internet sites that offer without investment services,” said Hon. Giulio Centemero (Lega), Parent Company Finance Committee, as the rapporteur for the Growth Decree (Law No. 58 of June 28, 2019) at the Italian Parliament.

 

“I personally supported the League’s amendment to grant permission to the Consob and the new supervisory powers. This accessory provision proves that we are a reliable, secure market that acts in the exclusive interest of its citizens and savers. These are the necessary prerequisites needed in order to re-launch the entire Italian financial sector and Fintech in particular, especially in light of Brexit.”

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Economy and International relations Finance, business, entrepreneurship Personal Blog

Italy: The New Haven for Digital Nomads New Brain Drain Regulation and Flat Tax makes the European Country Very Appealing to Freelancers

https://link.medium.com/VBpkSoi9LX

 

When the Growth Decree will finally be entered into force and converted by the 30th of June 2019, Italy will be the new destination for digital nomads.
Article 5 of the said decree states:
30% of incomes deriving from employment and freelancing positions of workers transferring their residency in the territory of the State, according to article 2 of the Income Tax Code, are taxable if the following criteria are met:
a) the workers were not residents in Italy the two fiscal years prior to their residency transfer and
are engaged in living in Italy for at least two fiscal years;
b) the activity is predominantly carried out within the territory of the State.
Moreover, Article 5 states that, if the same criteria are met, the exemptions also apply to entrepreneurs who begin working during the fiscal year starting the 31st of December 2019.
For workers with at least one child under the age of 18 or that purchase residential property in the 12 months before transferring their residency, the exemption is extended for an additional five fiscal years and is equal to 50% of taxable income. If the worker has three children, the exemption is equal to 90% of taxable income. Furthermore, if the residency is transferred to a region in the Southern Italy (e.g. Sardinia, Apulia or Sicily), only 10% of income is taxed.
This new law together with the one introduced during the last financial bill, which states that flat tax rates of 5% or 15% apply to freelancers with incomes up to €65k, makes Italy the best place for digital nomads, designers and other freelancers. The best case scenario would be direct taxation of 5% on 10% on total income, which is nearly negligible. If someone earns, for example, a taxable income of €30K a year, then income tax would be equal to approximately €150.
Can you picture yourself living and working in Italy yet? Perhaps sipping a glass of Cannonau1 on the shores of Sardinian? This is an achievable reality.