Time.news – Uil asks for a ‘profit tax‘for large companies benefiting from the pandemic. Corporate taxation in Italy – one reads study in collaboration between Uil and Eures – it is in line with the European and international average with a corporate income rate of 27.8% compared to the average of 26.5% in EU27 countries, but far below that of large industrial countries such as France (32%) and Germany (29.9%).
In Italy, companies pay 139 billion in taxes (including VAT), but with differences depending on the size. Small businesses (which generate less than 500,000 euros in turnover) contribute 18% to overall tax revenues from businesses, while generating only 7.7% of total business turnover while large companies, with over 25 million revenues , despite making over 60% of total turnover (1,993 out of about 3,300) they contribute 47.6% of total taxes.
According to the study “not all businesses have had the same repercussions from the pandemic“, while for some there have been great advantages.
For the Uil “it is necessary to start a discussion on the real opportunity to introduce a tax increase on the” super profits “(or extra profits) made by companies in the year of Covid, through an extraordinary tax levy on a portion of excess profits”.
“We must provide for the introduction of an excess profit tax, a tax on excess profits, for those companies, particularly multinationals, that have benefited from the economic benefits of the pandemic: it is not only a question of social justice, but also of effectiveness of the economic system “, says the secretary general of UIL, Pierpaolo Bombardieri.
“That of the taxation on excess profits – continues the leader of the UIL – would not be new at all: it was planned in the United States of America as early as 1917 and Keynes was also one of the proponents. Today, the pandemic has widened inequalities and if many productive realities have plunged into a full and, at times, irreversible crisis, others have instead drawn economic benefits, even very significant ones, from this situation “
“The so-called Big Pharma or some logistics and service companies, for example, they have accumulated substantial earnings. It is right, therefore – said Bombardieri – to foresee an additional tax on this profit surplus: the proceeds of this tax revenue should be made available as investments to revive production and the economy and to help reduce inequalities “.