Tax Pills

Italian housing market: +8,6% in the first quarter 2017
Italian real estate market continues to grow: in the first quarter 2017 the housing market has increased by 8.6% over the same period in 2016, though at a more moderate pace than in the previous quarters. Good achievement for the main Italian cities: Firenze grows by 16.5%, Genova by 15%, Milano by 13.8% and Roma by 10.2%. As regards the non-residential market, offices and retail sector increase by 10.8% and the industrial one by 12.2%.
These are the most important information according the report published Monday by the Real Estate Market Observatory (OMI) of the Italian Revenue Agency - Agenzia delle Entrate.
The reports of the Real Estate Market Observatory
Starting from this year, the Real Estate Market Observatory (OMI) has published two different reports, one for the residential market and one for the non-residential one. This way, data used in the reports appear to be more accurate and detailed. In particular, these reports retrieved information from different archives managed by Agenzia delle Entrate: the cadastral database, the land registry and the real estate market observatory. The first one provides information about cadastral typologies, the second one gives the number of real estate unit sold and the third one offers information about real estate value.
Real estate units are grouped by use (housing, appurtenances, office, retail and industrial) according to the cadastral categories provided in the deeds of transfer.
Information about real estate sales cover the whole national territory, excluding four areas (Bolzano, Trento, Gorizia, and Trieste) where the cadaster and/or the land registry are managed by local administrations.
Italian housing market in the first quarter 2017
At the beginning of 2017, the total number of house sales was 122,000, 10,000 more than the same period of 2016. In particular, the highest growth rate was represented by the two main islands, Sicily and Sardinia, with a growth of 11.9%, followed by the North-East area (+9.6%) and the North-West (+9.5%). The housing market in the central region (+7.9%) and in the south one (+5.1%) is less dynamic than the rest of the Country.
Among the big cities, Firenze showed the highest growth rate in housing market (+16.5%), resulted in 1.237 transactions. Double-digit growth for Genova (+15%), Milano (+13.8%) and Roma (10.2%) too, while a lower expansion noted Torino (+4.6%), Napoli (+4.8%), Bologna (+4.4%) and  Venezia, stopped by a +2.3% growth rate. Residential market trends show no significant differences between main and secondary towns.
Surfaces of sales houses improve their rates by 9.8%: the average area of a habitation is now 105 square meters.
Appurtenances market
In the first quarter of the year, basement and attic sales were about 13,700, up of 17% than the same period of 2016. The average area of an appurtenance is of 14.5 square meters. This date is higher in the 8 main Italian cities, where the growth is over than 25%. Parking space sold was 71,605, increase by 8.7%, with an average area of 21 square meters.
Non-residential market
Good news also for the non-residential market: sales of offices, shops, commercial buildings, commercial deposits and garages grow up of 10.8%, with over 20,000 units sold. All the regions show similar rates, excluding islands, whose growth is nearly 15%, although being a relative small market. In particular, offices sales were 2,363, up to 19.2%, and shops transactions were 6,216 (up to 3.2%). Regarding sheds and industries, they increase by 12.2%, even if the growth is reduced than the three previous quarter, while buildings agricultural storage sheds sales were 582, up to 35% on the same period of 2016.
Further information, details and data references are available to the website, where you can find the Italian version of the Quarterly Report.
Other 100,000 compliance letters are just on their way. The fiscal invites concern incomes not declared, in whole or in part, in 2014
One hundred thousand preventive communications are on the road to reach the same number of taxpayers who, according to the data held by the Revenue Agency, did not declare in 2014 the correct amount of incomes earned during the previous year. These are not fiscal assessment notifications, but simple communications, which travel by ordinary mail or directly by certified e-mail and through which the Agency informs the recipients that from the data crossing piled in their databases emerge undeclared sums, all or partly.
The number of preventive communications sent on the current year have already exceeded the threshold of 420 thousands - With this latest wave of fiscal invitations, the alerts sent by the Revenue Agency that call on taxpayers to correct mistakes and omissions will thus exceed 420,000 in 2017. Last year, the number of compliance letters sent totaled 533,000.
Look to the voluntary fiscal correction - Letter recipients, including for the first time also self-employed income holders, can justify the fiscal anomaly or rectify eventual irregularities by submitting a supplementary statement, also known as voluntary correction tax return, thanks to which taxpayers can benefit from reduced penalties.
Better to opt for a fiscal dialogue than for the usual tax battle ground founded on tax assessments, inspections and common accesses - With this new round of preventive communications, Italy’s Revenue Agency continues to privilege the path of a preventive dialogue, with the aim of avoiding that a mere and conceivable mistake, or just a simple forgetfulness, can evolve in a serious and severe tax enforcement notice, despite the taxpayers making just a trivial mistake. A procedure, which usually implies a full payment of both severe fiscal sanctions and interests.
Seven are the types of incomes under scrutiny by this latter lot of preventive communications - In detail, the outgoing volume of dedicated compliance letters are specifically addressed to individual taxpayers and are originated by fiscal anomalies related to 7 different types of oncomes shown as follows:
incomes from buildings due to the renting of immovable property, subject either to ordinary taxation or to a fix coupon, the so-called “flat rate tax”; incomes of an employed or self-employed person, including periodic payments paid by a spouse or former spouse; associated profits resulting from participation in partnerships or businesses between artists and professionals and income from participation in limited liability companies with transparency; capital gains arising from the qualifying holding in venture capital companies; income derived from usual and professional self-employment; other incomes and those incomes deriving from common and non-professional self-employment; business income with reference to the annual installments of the gains and asset surplus.

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