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The EC noted that the Italian Government had beenrequested to reduce the country's fiscal deficit fromthe 5.5 percent of gross domestic product (GDP)seen in 2009 to the 3 percent required under EUregulations by last year. In fact, the fiscal deficit wasexactly on target in 2012, and is forecast by the ECto reduce again marginally to 2.9 percent this yearand to 2.5 percent in 2014.comments of EC President José Manuel Barroso,who pointed to the country's very high public debtlevel as a reason to continue fiscal consolidation,and the Monetary and Financial Affairs CommissionerOlli Rehn, who remarked that the currentplan to repay tax refunds and credits to businesseswould take away much of the Government's roomfor maneuver.The EC has also looked at the measures announcedby the new Government on May 17 and, in particular,at the Government's suspension of the interimpayment of IMU, the local property tax, on firstresidences that was due on June 16.It has decided, given that the present Governmenthas confirmed that it will maintain the previousGovernment's budgetary constraints, that the IMUpayment will be due on September 16 if overallproperty tax reform is not agreed by the Governmentby end-August, and that the effect of that reformis expected to be revenue-neutral, Italy's improvedfiscal position is likely to last.However, while Italian Premier Enrico Letta paidtribute to the policies adopted by previous Governments,particularly that led by Mario Monti, forthe EC's decision and said that all of Italy should beproud of its achievement, he will have also heard theWhile the Government is aware that the closureof the EU procedure for excessive deficit will onlyhave an effect on Italy's budget in 2014, it wants toavoid a 1 percent increase in the normal rate valueadded tax due in July this year, and is also beingpressurized by Silvio Berlusconi's center-right Peopleof Freedom party, which is a member of Letta'sbroad governing coalition, to scrap the IMU propertytax on first residences entirely, and even returnthe tax levied in 2012.On the other hand, the EC's country specific recommendations,made at the same time as the excessivedeficit review, are contrary to both of the currentGovernment concerns. The EC strongly suggeststhat a shifting of the tax burden towards, and notaway from, consumption and property will be essential,in order to reduce the very high fiscal burden onemployers and employees in a revenue-neutral wayand to foster economic growth and competitiveness.62
NEWS ROUND-UP: REAL ESTATE AND PROPERTY TAXESISSUE 30 | JUNE 6, 2013Ireland's Revenue ChairOffers Property Tax Update"The outcome of the voluntary phase of LocalProperty Tax (LPT) has been extremely successful,"the Chairman of Ireland's Revenue Commissionershas said.Announcing the initial administrative details ofIreland's controversial new tax, Josephine Feehilycalculated that over EUR100m in revenue has beengenerated so far.The LPT will enter into force from July 1. It will becharged at 0.18 percent of the market value of propertiesworth up to EUR1m (USD1.3m), and at 0.25percent on any excess value over EUR1m. Propertyvalues are organized into a number of bands – fromEUR0 to EUR100,000 and then in EUR50,000bands. The tax liability is calculated by applying 0.18percent to the mid-point of the relevant band.The initial valuation of the property on May 1,2013 will be the value of the property for LPT purposesup to and including 2016. The 0.18 percentrate is fixed for the lifetime of the current Government,but a "local decision factor," allowing localauthorities to vary the rate by up to 15 percent, willapply from 2015.The levy will be administered by the Revenue Commissioners,but is self-assessed. Householders arerequired to decide on the value of their property,file a return, choose a payment option and send thepayment to the Revenue.The Commissioners' LPT Register was compiledfrom several databases, while LPT Returns, personalizedletters and LPT Guides were sent to just over1.69m residential properties. According to Feehily,LPT Returns have now been filed in respect of1,517,902 properties. Including properties wherelocal authorities or social housing groups are liable,and where special payment provisions are to be enforced,there have been nearly 1.68m cases of voluntarycompliance.Approximately 22 percent filed a paper return, while73 percent did so online, and a further 5 percent bytelephone or through the local tax office network.Feehily explained that: "The next steps in this projectinclude activating the various payment optionschosen, including by sending files to employersand the relevant Government Departments to beginLPT deductions at source. We are now movingquickly into compliance mode and have already begunto identify the non-engagers for follow up action.We owe no less to all the compliant taxpayerswho have voluntarily filed their returns."French Property Tax Rules Under FireAllegedly "discriminatory" tax rules on new residentialproperty have resulted in France's referral63
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GLOBAL TAX WEEKLYa closer lookISSUE
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GLOBAL TAX WEEKLYa closer lookISSUE
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FEATURED ARTICLESISSUE 30 | JUNE 6,
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taxation treaties concluded by Swit
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Page 51 and 52: Recurring IssuesRestructuring of th
Page 53 and 54: M&A. Nick has extensive experience
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Page 83 and 84: 6/14/2013 - 6/14/2013http://www.con
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Page 89 and 90: IN THE COURTSISSUE 30 | JUNE 6, 201
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