Tax Pills

Sales of real estate property units up 17.8% in 3Q
Offices + 31.1%, industrial premises and sheds + 24.5% and the shops + 23.3%
The Italian property market continues to show clear signs of recovery recording a new significant increase, +17,8, in the third quarter of 2016. Particularly, in some areas the growth rate keeps traveling at double digit rate to date, as the Revenue Agency Real Estate Observatory, a Unit expressively dedicated to strictly monitoring the property market trends, points out in its last December Report.
Real estate trends by sector – During the period July-September, the service sector has reached a 31.1% astonishing increase, doubling to the previous quarter results, as well as the commerce, which rose from a +12.9% to + 23.3%. The same trend is registered for the residential market, that has marked an increase of 17.4%. Even manufacturers earned a worthy 24.5%. In brief, this is the picture of the Italian brick market that emerges from the quarterly Note on the real estate market edited regularly by Revenue Agency and now available on the official website
The residential sector in details - In the third quarter of 2016, the housing market has continued to grow in all parts of the country, thanks above all to the persistence of very low interest rates on mortgages and the economic environment as a whole, even if the growth has been lower in comparison to the previous quarter. Once again it is the North that is the driving force, with an increase of 22.3%, while the Central and the Southern settle respectively + 15.2% and + 10%. In addition, this quarter growth was higher in non-Capital Municipalities (+17.9%) than in the Capital ones (+16.4%).
Genoa dominates among large cities - In the great Italian cities is Genoa to record the highest increase of house sales, up 25%. Followed by Milan (+ 23.9%), Bologna (+ 21.5%), Turin (+ 20.4%) and Florence (+ 13.3%). On the contrary, a lower growth characterized the selling performances in Naples (+ 2.4%), Palermo (+ 5.8%) and Rome (+ 8.9%).
Offices, shops and commercial buildings - Among the non-residential sectors, the most significant upward trend affects the service sector, which reached +31.1%, however also other sectors greatly improved, with percentage points above 20. Particularly important is the growth in the commercial sector, up 23.3%, with a volume of sales/purchases transactions almost three times than of the other two sectors, while the manufacturing sector (which includes warehouses and industries) confirms the strong upward trend after the robust acceleration registered in the previous six months, although the slowing rate of around 4 points (from + 28.7% to + 24.5%).

The Italian Revenue Agency met the Turkish Revenue Administration
bandiera turca
A three days visit focused on informal economy and tax compliance – Strategies and actions put in place to tackle informal economy and to encourage tax compliance were at the center of the meeting, held in Rome, from 29th November to 1st December 2016, between representatives of the Italian Revenue Agency and the Turkish Revenue Administration.
The Italian tax Administration offered a 360° view on several pivotal topics, first of all on “Cambia verso” the new strategy, that involves all the Revenue Agency activities, aimed to realize a new fiscal path, built on an innovative cooperative-dialogue with taxpayers. Among the other topics discussed, the turnover presumption indexes, the role of statistical analysis for the performance evaluation, the online services for taxpayers, with particular attention to the brand new pre-filled tax return. Furthermore, during the meeting, the two Tax Administrations talked over communication strategies, in particular about “Fisco e Scuola”, the educational project to promote the culture of tax legality, and about the use of social media to provide services and enhance the dialogue between Tax Administration and taxpayers.
Aims of the Turkish visit – The Turkish Tax Administration is currently involved in a multi-year project directed at improving tax compliance and at reducing the informal economy. The aim is to reduce the ratio of informal economy to Gdp by 5 percentage points and to reduce by 5 percentage points the rate of illicit work (except Agricultural sector).
The study visit in Italy is part of this Turkish Tax Administration project based on the importance of a benchmark, in which are also involved other European tax authorities.
FiscoOggi è una pubblicazione dell'Agenzia delle Entrate - Ufficio Comunicazione
Testata registrata al Tribunale di Roma il 19.9.2001 con n. 405/2001
Direttore responsabile Claudio Borgnino