Tax, from Tuesday 7 June the Tax Freedom Day starts, Italians work for themselves – Economy

On Monday 6 June, the Italians “finish” their work to pay taxes and social security contributions to the state and from Tuesday 7 the so-called “Tax Freedom Day” starts, the mythical day of fiscal liberation, after which all proceeds will end up exclusively in their pockets.
The calculation is carried out by the Studies Office of the CGIA of Mestre (Venice), dividing the estimate of the national annual GDP for the 365 days of the year, thus obtaining an average daily figure.
Subsequently, the revenue forecasts of social security contributions, taxes and fees that the income earners will pay this year, in relation to daily GDP, were considered. The result of this operation made it possible to calculate the “Tax Freedom Day” of the current year. A pure theoretical exercise, which nevertheless serves to demonstrate the “tax burden” that weighs on citizens.
Compared to 2021, this year the expected appointment comes a day earlier, after just over five months from the beginning of the year, or 157 working days, including Saturdays and Sundays.
Among the 27 EU countries, in 2021 with 43.5% Italy was in sixth place for tax burden, a historic record for our country, behind Denmark (48.1%), France (47.2 %), Belgium (44.9%), Austria (43.8%) and Sweden (43.7%). Last year the EU average had “stopped” at 41.5%.
Looking at the historical series, the “earliest” “day of fiscal release” was in 2005, when the tax burden stood at 39% and for Italian taxpayers it was enough to reach May 23 (142 working days) to leave the deadlines behind tax. The most “late” one was in fact in 2021, and it started on June 8th.
“It is correct to point out – specifies the Cgia – that this record peak in the tax burden is not attributable to an increase in taxation, but to the decisive growth recorded by the national GDP (over 6.5%) which after the vertical drop recorded in 2020 (-9%), contributed to a significant increase in revenues “.
In 2022, on the other hand, with an estimated growth of 2.5%, the tax burden is destined to decrease by 0.4 percentage points, also thanks to the reduction in taxes and contributions decided by the Draghi government, including the IRPEF reform. (-6.8 billion in revenue), the contribution exemption of 0.8 percentage points for employees with a monthly salary of under € 2,692 (-1.1 billion), the exemption from IRAP for individuals (- 1 billion); taking into account the slight improvement underway in the main economic variables, which is reflected in the revenue trend, according to the Mef, the State should collect almost 40 billion more taxes and contributions compared to 2021, a part also attributable to the strong increase in inflation between 6 and 7%.
Beyond the symbolic date, the month of June is characterized by a real “tax jam”, with 141 tax deadlines, 122 of which (equal to 86.5% of the total) foresee payments. It starts on the 16th with the IMU. (HANDLE).

We would love to give thanks to the writer of this short article for this amazing web content

Tax, from Tuesday 7 June the Tax Freedom Day starts, Italians work for themselves – Economy


You can view our social media profiles here , as well as additional related pages here.https://prress.com/related-pages/