Italian anti-virus transport decree is ready
Compared to its draft, the Decree-Law reduced the exemption from anchorage duties, it cancelled the strengthening of the marebonus/ferrobonus incentives and it deferred the contributions to the Transport Regulation Authority. The Italian Ministry of Economy and Finance implemented a direct measure to support Fincantieri
The “Cura Italia” Decree-Law was published in the Official Gazette of the Italian Republic.
The measures concerning companies include the implementation of social security cushions for employees, the postponement of tax and social security contributions deadlines and a tax credit for the sanitation of work places. As concerns the measures related to the maritime and land transport sector, many measures were cancelled and, possibly, they were postponed to special actions to be taken by the Ministry of Infrastructure and Transports.
The Decree-Law does not include the article which would have solved the problem of the refinancing of the fund for the training of cargo train drivers and other professionals within the sector.
The exemption from anchorage duties will not be in force until July as initially provided for, rather only until the end of April. This will allow to reduce their burden – to be incurred by Port Authorities, being the beneficiaries of the duty – from 37.8 to 13.6 million euro, which however will be ensured to port bodies through the issuance of Government securities on which the Decree-Law is based (25 billion euro).
With regard to the port-maritime industry, they confirmed the suspension, until the end of July, of the payment of the instalments due to Port Authorities by terminal operators, port companies and temporary labour suppliers. However, the latter will have to pay the amounts due by the end of the year, according to the methods set out by single Port Authorities, though without interests. The deadline for the overhaul of road units, including articulated lorries, was postponed from July until the end of October.
The support for the rehabilitation of Funivie Spa’s infrastructure, the identification of 21 infrastructure works subject to administration, the urgent measures for the reduction of timings for the completion of public works projects, the strengthening (101 million euro) of the marebonus and ferrobonus incentives, the approval by way of derogation from the standard procedure of the programme agreement 2017-2021 investment part between the Ministry of infrastructure and transports and the Italian Railway Network (RFI) and the deferment of the payment of contributions to the Transport Regulation Authority and to other authorities were all cancelled.
However, they confirmed the deferment by 30 days without interests of “customs duties expiring between the effective date of this provision and April the 30th 2020 and implemented according to the methods provided for by Articles 78 and 79 of the Presidential Decree n. 43 of 23 January 1973”.
They also implemented a rule protecting a significant package of orders of Fincantieri, i.e. several orders placed by Norwegian Cruise Line in 2018 (one ship has already been delivered) for which the Italian export credit agency SACE (as recently revealed by the newspaper Milano Finanza) had not yet issued a counter-guarantee since the issuance of the related guarantee had not yet been decreed the Italian Ministry of Economy and Finance. Given the tragic situation faced by the cruise sector, this could have allowed NCL to withdraw from its obligations. However, the Decree-Law provides that the Ministry of Economy and Finance is authorized to issue the State guarantee up to a maximum amount of 2.6 billion euro, thus unblocking SACE’s counter-guarantee on Fincantieri’s credit.