Making business internationalisation more effective and, at the same time, making the Italian legislative framework more receptive and efficient for outside investors, are the main goals of the “Destinazione Italia” plan, which looks most specifically at trade relations between Italy and the rest of the world. And all contained in a decree that, as Minister for Foreign Affairs Emma Bonino asserted, shows how “Italy is absolutely on the move in terms of diplomacy, innovation and growth”.
According to an Italian government communiqué, the decree approved today by the Council of Ministers on the proposal of Premier Enrico Letta, Deputy Premier Angelino Alfano, and Ministers for Economic Development Flavio Zanonato, Infrastructure and Transport Maurizio Lupi, and Foreign Affairs Emma Bonino, contains urgent measures for the launch of the “Destinazione Italia” plan for containing electrical and gas and auto insurance costs, internationalisation, development and business IT upgrading, as well as for the building of public works for the 2015 Milan EXPO. Various items are also aimed directly at trade relations between Italy and other countries in that key of economic diplomacy continuously foregrounded by the Ministry of Foreign Affairs. Her are some of its principal items:
Taxes – Revenue Agency Desk for foreign investors
The first and fundamental measure of the “Destinazione Italia” plan is founded on fiscal certainty, expanding the context of application of the international standard ruling institute, with agreements for 5 years between the tax authority and businesses at the Revenue Agency, which will set up a “desk” dedicated to foreign investors and to promoting the international competitiveness of Italian firms. The new facility will have the objective of boosting dialogue with foreign firms and offering the possibility of a single interlocutor for assistance and correct compliance with tax obligations. The desk is expected to offer guidance and support to businesses and to streamline communication, resolve eventual disputes and direct taxpayers toward instruments by which to cooperate with the Administration. The email address to which to direct all queries is internationaltaxassistance@agenziaentrate.it
Measures for business internationalisation
Exports are fundamental to our economy’s growth, and they will be given incentive through a project that envisages a refinancing of the promotion of ICE activities of 22 million euro for 2014, extension of customs authority opening hours and enlargement of consortiums for the internationalisation of agricultural enterprises. Also envisaged are ways to facilitate obtaining certificates and documents, also in English, and measures to facilitate the functioning of Italo-foreign Chambers of Commerce abroad and in Italy. The government’s commitment was highlighted by Deputy Minister for Economic Development Carol Calenda: “Inverting the trend of recent years, the government has decided to double allotments for the promotion of Italian exports using resources untouched for decades now. The foreign trade institute (ICE) will have twice the resources in 2014 that it had the previous year”.
Business tribunal with foreign office
To strengthen the workings of the business tribunal and stimulate capacities to attract investments, the plan concentrates on a lower number of offices (9) handling the disputes over which the tribunal has jurisdiction that involve firms with their main offices abroad, even though they have stable representation in Italy.
100 million euro collateral fund for attracting investments
The “Destinazione Italia” plan’s 100-million-euro collateral fund will offer 5 times the previous leverage – i.e. half a billion euro – for securing financing in order to gain access the to large-scale industrial innovation projects financed by the European Investment Bank.
EXPO, 96 million on the way thanks to Destinazione Italia
The plan also calls for 96 million euro for construction projects within the context of the 2015 EXPO.
Visa start-up to attract brainpower
To respond to the “brain-drain” of recent years, the plan introduces important measures by which to facilitate the issuance of visas for entry into Italy, making our system more open and accessible to investors, students, researchers and highly-skilled workers.