Italy’s Golden Power Reforms: Enhanced Economic and Financial Security
The Italian government has introduced significant changes to its “Golden Power” regulations, aiming to bolster the country’s economic and financial security. The reforms, included in the Transition 5.0 decree, have received approval from the Senate and are now awaiting a final green light from the Chamber. This move is a response to concerns raised by the European Commission, which had previously expressed objections to Italy’s existing Golden Power framework.
Key Reforms and Implications
The updated regulations introduce national economic and financial security as a criterion for exercising special powers, ensuring that the protection of Italy’s essential interests is guaranteed. Furthermore, for the financial sector, the opinion of competent European authorities will be required before activating special powers. This change is particularly significant for banks and insurance companies, as it temporally subordinates the activation of special powers to the completion of proceedings pending before the European Authorities, such as the ECB and the EU Commission.
Implementation and Next Steps
The Transition 5.0 decree, approved by the Council of Ministers on November 20th, sets the closure of the application platform for November 27th, 2025, and allocates an additional €250 million for 2025. Companies are preparing for the introduction of new incentives, including hyper- and super-depreciation, which will replace the old tax credits from 2026. The Ministry of Economic Development (Mimit) and the Ministry of Economy and Finance (Mef) have prepared instructions for companies, which will be subject to documentary checks and verification of subsidized investments by the GSE.
Eligibility and Forfeiture of Benefits
Companies will be required to submit preventive communications for each production structure, followed by confirmation and completion communications. The GSE will conduct checks, and the decree establishes circumstances that may lead to the forfeiture of benefits. The terms for opening the IT platform for communications will be announced through directorial decrees. Notably, the acquisition cost increase applies to new capital goods produced in EU member states or states adhering to the Agreement on the Economic Area, although the government is considering extending this perimeter to G7 countries, including the USA and Japan.
Conclusion and References
The reforms to Italy’s Golden Power regulations aim to strengthen the country’s economic and financial security while addressing EU concerns. As the decree progresses through the legislative process, companies and stakeholders will need to adapt to the new framework. For more information on the Transition 5.0 decree and the updated Golden Power regulations, please refer to the original source.