Investment in Italy
Investment in Italy
Investment in Italy
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<strong>Investment</strong> <strong>in</strong> <strong>Italy</strong>These European funds have three different objectives:• Convergence: align<strong>in</strong>g conditions for growth and employment <strong>in</strong> the least developedMember States and regions (<strong>in</strong> <strong>Italy</strong> the eligible regions are Sicily, Campania, Apulia andCalabria - and Basilicata as a ‘phas<strong>in</strong>g-out’ region)• Regional competitiveness and employment: foster<strong>in</strong>g economic and social development,and promot<strong>in</strong>g <strong>in</strong>novation, entrepreneurship, environmental protection and the developmentof labour markets even <strong>in</strong> regions not covered by the Convergence objective (<strong>in</strong> <strong>Italy</strong> theeligible regions are all the other regions not <strong>in</strong>cluded <strong>in</strong> the Convergence objective)• European territorial cooperation: which is aimed at strengthen<strong>in</strong>g cross-border,transnational and <strong>in</strong>ter-regional cooperation <strong>in</strong> the fields of urban development, rural andcoastal development, development of economic relationships and network<strong>in</strong>g of SMEs.The ma<strong>in</strong> types of <strong>in</strong>centives (both European and national) can be classified as follows:• Grants for capital <strong>in</strong>vestments: f<strong>in</strong>ancial aid is granted <strong>in</strong> two or three tranches andpaid directly to the company, after the presentation of documentary evidence of thecosts of the capital <strong>in</strong>vestment• Grants to cover expenses: these benefits are granted to companies to cover specificmanagement or transaction costs• Grants to cover <strong>in</strong>terest expenses: this f<strong>in</strong>ancial support is <strong>in</strong>tended to reduce (belowthe market rate) the <strong>in</strong>terest rate payable by the recipient for the fund<strong>in</strong>g received• Tax credits: available when new <strong>in</strong>vestments <strong>in</strong> tangible or <strong>in</strong>tangible assets are madeor employment levels are <strong>in</strong>creased• Equity <strong>in</strong>jections: given to companies operat<strong>in</strong>g <strong>in</strong> the <strong>in</strong>dustrial and service sectors forthe establishment of new plants, and expansions and upgrades of specific bus<strong>in</strong>ess activities• Loan guarantees: issued to lenders <strong>in</strong> order to allow the borrower to obta<strong>in</strong> medium- orlong-term loans.2.2Ma<strong>in</strong> <strong>in</strong>centives offered by central government2.2.1Contratto di ProgrammaThis is an agreement between one or more public bodies (regions, prov<strong>in</strong>ces or municipalities)to undertake major projects, <strong>in</strong>clud<strong>in</strong>g <strong>in</strong>dustrial ones, and to develop <strong>in</strong>frastructure. Acontratto di programma is promoted by a ‘proponent entity’, which is responsible for theoverall coherence of the technical and <strong>in</strong>dustrial project.The total <strong>in</strong>vestment costs of an <strong>in</strong>dustrial project should not be less than EUR 40 million,exclud<strong>in</strong>g the cost of <strong>in</strong>frastructure. The <strong>in</strong>vestment programme proposed by the ‘proponententity’ must not be less than EUR 25 million, whilst the <strong>in</strong>vestment programmes proposedby each beneficiary other than the proposer must not be less than EUR 1.5 million.<strong>Investment</strong> programmes are eligible if they regard the economic activities listed <strong>in</strong> thefollow<strong>in</strong>g sections of the 2002 ISTAT classification:• Sections C (m<strong>in</strong><strong>in</strong>g and quarry<strong>in</strong>g) and D (manufactur<strong>in</strong>g)• Section E (production and distribution of electricity and heat).© 2012 KPMG S.p.A., KPMG Advisory S.p.A., KPMG Fides Servizi di Amm<strong>in</strong>istrazione S.p.A., KPMG Audit S.p.A., Italian limited liability share capital companies, and Studio Associato Consulenza legale e tributaria, anItalian professional partnership, are member firms of the KPMG network of <strong>in</strong>dependent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.19