TERRANOVA/CASTALDO (FMPI): ENTERPRISES, TAX CREDIT DENIED TO MICRO AND SMALL ENTERPRISES, END EXTEMPORANEOUS AND INEFFECTIVE DECREES

Rome, Aug. 3, 2022 – “All the measures adopted by the government for aid to businesses’ have been drawn up looking at the interests of big business and penalizing small and medium-sized enterprises, which form the productive and employment backbone of Italy.”

This is according to the President of the National Federation of Medium and Small Enterprises (FMPI), Antonina Terranova, in a joint note with the Head of Fiscal Policy, Andrea Castaldo.

“The tax credit provided for aid to meet energy costs, for small businesses, is creating an unsustainable situation, both in terms of management and economics, with banks not recognizing it for small businesses with turnover below one million euros,” Terranova points out, “This is leading to a series of ‘stranded’ loans , penalizing small businesses, which cannot benefit from this instrument and are forced to resort to private loans at usurious rates. It is clear that this represents a major political failure for the government and parliament, which have been unable to give adequate answers to a sector in serious difficulty.”

“The abnormality of such a provision is there for all to see, given the current state of the finances of many of the businesses involved, struggling with a restart drowned by the energy crisis and inflation that has reached 8 percent (a figure that has not been so high since the 1980s),” highlights Castaldo, who adds, “Government and Parliament have adopted a patchwork of regulations on business crisis that do not seem to grasp the peculiarities and small size of the companies that predominantly make up our business fabric. It’s time to stop with extemporaneous decrees and recover a strategic vision of micro and small businesses, and immediately establish a guarantee fund to unlock tax credits for companies with turnover below one million euros.”