Building bonuses, important news on the assignment of receivables: what the accountants ask for

The requests of the CNDCEC to the Government intend to give new force to the building bonuses, to avoid a sensational boomerang effect.

For building bonuses and related transfers, here are the proposals of the accountants to the Government. What to do, starting with the credit institutions, to restore confidence in the sector and unlock the market.

On the subject of bonus award, and in particular Super bonuses and house bonusesthe accountants have indicated their autonomous proposal to the government, to allow the free transfer of the acquired credits, in favor of the banks.

In particular, these are suggestions included in the letter sent by the President of the CNDCEC (National Council of Chartered Accountants and Accounting Experts) Elbano de Nuccio, to the Prime Minister, Mario Draghi, to the Minister of Economy, Daniele Franco, to the President of Finance Committee of the Chamber, Luigi Marattin and the director of the Revenue Agency, Ernesto Maria Ruffini.

To clarify this is a press release dated June 14th. It appears that, in order to unlock the mechanism of the credit assignment, the category of accountants proposes to allow the transfer of credits deriving from building interventions, beyond the subjective nature of the transferee. Let’s see some further details on issues that, in consideration of their social importance, deserve further study.

Building bonuses: the purpose of the CNDCEC proposal and the absence of risk of fraud

To finally get out of the stalemate that has arisen on the circulation of tax credits deriving from we are bonusi, the President of the CNDCEC indicates that a regulatory intervention is necessary to restore the possibility for banks to freely transfer credits acquired, regardless of the subjective nature of the transferee.

On the other hand, the assignment of the credit of Super bonuses and house bonuses it is a factor that affects the entire construction sector. This is why the accountants specified that the aforementioned regulatory intervention would serve to “preserve a precious regulatory mechanism such as that of monetizing building bonuses, without sacrificing the need to combat improper use, as well as to prevent the entire construction sector from suffering irreparable consequences”.

The President of the CNDCEC De Nuccio also remarked that this is a proposal that does not increase the risk of fraudsince there are:

• the compliance visa;
• the certification of the adequacy of the costs and the anti-money laundering measures already provided for by the Anti-fraud Decree;
• the procedures launched by the banking system.

The proposal to extend the deadline for compensation

Not only what has just been indicated by the accountants to the institutions: in fact, in parallel with the intervention on the recipients of the credit transfer by the banks, the category of accountants indicates the possibility of extending the times for the credit clearingthus increasing the tax capacity of the subjects who receive the credit.

De Nuccio himself declared that: “the proposals to grant a longer term for the offsetting by the transferees of the tax credits are also of interest, the use of which in offsetting is currently envisaged in the same ways as they would have been used by the beneficiary-first assignor.”

Also this proposal would have an undoubted practical value, in order to restore a climate of trust among the stakeholders and to contribute to the relaunch of the mechanism of credit assignment. In short, according to De Nuccio the goal must be to break the deadlock in the field of bonus award, in order to avoid that “measures adopted in the midst of the Covid-19 emergency to support and relaunch the economy, and for which the State has allocated significant resources, turn into a deadly economic and social boomerang” for the country.

Conclusions

It is true that what is indicated by the accountants expressly aims at overcoming the deadlock linked to regulatory uncertainty and to a complexity of the rules which, in the end, could have a profound impact on the entire construction sector – nullifying the efforts to relaunch the sector.

On the other hand, the regulatory framework weighs on the actions of the banks, which have blocked the credits due to the exhaustion of the capacity for compensation. Consequently, the blocks went to fall back on the construction sector, for the lack of liquidity correlated to the difficulty of monetizing credits. This has produced various problems, with particular reference to cases of interventions already started or planned for some time.

Beyond the CNDCEC requests, all the most attentive observers therefore hope that substantial initiatives will be forthcoming with ad hoc measures by the Government, to relaunch the effectiveness of interventions in the construction area.

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