The column – Market ideas
In April, the Savings Hall was held in Milan and all the participants in the inaugural session have heard Assogestioni say that the problems of Italian investors are:
- The low share investment share (15%, more or less as it was 20 years ago) which greatly penalizes the returns of their savings. Real.
- The too high share of savings (30%, since it is not far from the maximums of all time) detained in liquidity on current currently paid accounts and deposits. Real.
- The shortermism of investors who over time creates damage (many statistics show how the holding period of an investment has still fallen post -large financial crisis of 2008). Real.
I was sitting in the audience and I got a feeling of exhaustion because our country does not put the most basic things into practice to change bad behaviors. And this is incontrovertible, just read a number: 5164.57 euros. This figure, which represents, as we all know, the maximum tax deductibility of payments to an supplementary pension fund, is the conversion of the old 10,000,000 of Italian lire.
It is also the emblem of government immobility in incorporating the form of investment which by its nature is the longest one of all, the pension fund precisely; The one that of course goes more towards the equity. What is the first investment that every Italian should do that has savings to employ: contained costs especially for negotiations and open (see the very useful site of the Covip https://www.covip.it/isc_dinamico), tax advantages on payments and performance, possibility of advances. Our Sella Sgr manages an open pension fund (Eurorisparmio); There is no shortage of valid products available.
So why is the deductibility firm since 1999, from 26 (twenty -six, I also write it in letters as on postal bulletins) years?
Why does the Italian Banking Association, Assogestioni, Assoreti, the Italian Private Banking Association, Federcasse or any other institution or federation in the financial field have failed in all these years to make their voices heard that, would it seem obvious to me, both in favor of an increase in this now ancient figure?
I don’t understand. I would not say that it is a question of quadrature of the Italian state budget because it is not such a substantial voice; The data is not so easy to find but we are talking about figures under the billion euros per year. I remember that the estimates of the tax deductions deriving from the superbonus building are around 130 billion euros.
So why? There are no logical reasons in my opinion. Among other things, the encouraging the investment on pension funds leads to long -term benefits to the state budget: greater returns for investors and consequently greater revenues for the state through taxation on the capital gains made.
I do not deal with politics, but I find the Minister of Economy and Finance Giorgetti a competent person, who knows the subject, who has a good vision of what it takes to our country. It has a great opportunity: to go to history as the Prime Minister of Economy and Finance (since 1999 there have been 12, from Tremonti to Padoa-Schioppa, from Siniscalco to Monti) that changes this number.
To complete my point, it is useful to know what other European countries do regarding tax deductibility of contributions to pension funds:
> France: the limit ranges from 4,637 to 37,094 euros depending on how many taxes are paid.
> Spain: 8,500 euros with various subsequent rules that can still increase the figure.
> United Kingdom: 100% of the revenue declared with a maximum of 60,000 pounds (70,000 euros).
“Strange” case all these countries have averages average investments from the far higher private individuals in Italy.
Finally, knowing that Giorgetti is a person who knows how to do it with the numbers, I remember that 5164 euros of that time correspond to about 3120 euros today. In short, something you have to do it as Eraclito also tells us, one of the greatest thinkers in history.
