It means alarm bells ring over the accounts, bro
CDS:
The tax loophole on foreigners is closed
Need a Government decree, the discount won’t be applied to clubs
Alarm bells ring over the accounts, Milan damaged by €4.2m
Hmm...
What does this mean?
I am assuming you grabbed that from the football italia summary they provide daily of the major headlines?
Poking around, it seems that the Decreto Crescita (Growth Decree) for the moment is suspended. It requires an “implementing decree”, which has not been forthcoming for 18 months it seems. So, the Italian Revenue Agency has essentially blocked its fiscally advantageous effects, the chief one for football being lower income tax for players signed from abroad (subject to certain conditions).
Not sure if it’s retroactive, but it seems that it is, which would mean that clubs would have to foot the full bill for now. It wouldn’t be great for us, but it would be downright catastrophic for Inter, as an example. Conte, Lukaku...
I’d wait and see before worrying about it. Seems a classic political jockeying for position, perhaps even vindictive thing. If I remember correctly, the decree was formulated during Salvini’s government, which, of course, is no longer in power.
This is a crude summary that suppresses the nuances, but it’s also the one I could give without dozing off. I am very much invested in its impact on football (and to a lesser extent Italian businesses) but I find the subject matter otherwise unbelievably boring.
. More details on @cmdotcom
