ROL e (in)deducibilità degli interessi passivi: un'imposizione prociclicamente recessiva

[Autom. eng. transl.] The restrictive rules on the subject of the deductibility of passive interests entail particular problems in the current recessionary economic context, interacting with various problems, starting with the credit crunch, and generating perverse effects, not always perceived in all their severity. For the most fragile companies, weakened by very difficult years, the bar of deductibility of passive interests is set too high, with a pro-cyclical impact that aggravates the negative spiral, without any appreciable impact on the revenue and indeed with the effect of contribute to the disappearance of taxable persons. The fiscal impact of the non-deductibility of interest expense also interacts with the growth of the spread of loans, accompanied by a tightening of the financial structure of the companies. If the law on the non-deductibility of interest that exceeds 30% of the ROL has a formal impact only on the income statement, consistently with the determination of the tax base, it actually derives its origin also from the stock of debt accumulated in the balance sheet liabilities , of which interest expense represents remuneration. The result is therefore a contiguity with the abrogated thin capitalization rules, aimed at countering undercapitalization and the resulting high leverage. The tightening of the financial structure of the non-performing and indebted companies, subject to the ROL legislation, derives not only from a quantitative growth of financial charges, connected to a growing and unitarily more expensive debt, but also from the changes, often surreptitious and imperceptible, of its qualitative composition, in which the variable part decreases (Euribor base rate) and the fixed spread grows more than proportionally. The difficulty of financially poorly structured companies in implementing financial immunization strategies in the application of asset and liability management models, represents a further criticality, which is reinforced with fiscal restrictions, creating a perverse effect, perhaps involuntary but not for this less pernicious. A far-sighted tax planning should be inspired by the survival of the "client - tax payer", also through the sterilization of these regulations, at least in times of crisis, following the example of the softening of sector studies that the sector situation has made stubbornly unsustainable .