I rapporti con lo Stato: le imposte e i contributi in conto esercizio

This chapter examines the economic impact of income taxes and operating grants on Italian companies, based on balance sheet data from 37,810 non-listed companies over the 2021–2023 period. It first analyses the structure and effective burden of direct taxation (IRES and IRAP), highlighting an overall increase in tax revenues, aligned with the rise in pre-tax profits. The effective tax rate slightly exceeds the nominal rate, with small and medium-sized enterprises (SMEs) experiencing a higher burden than large firms. The study identifies critical issues regarding deferred tax assets, especially for firms with persistent losses, raising concerns over their future recoverability. Social security contributions, although not formally part of taxation, are shown to represent a substantial and growing cost for companies, independent of economic performance. The second part of the chapter focuses on operating grants, which peaked in 2022 following COVID-19 and energy crisis relief measures, including PNRR-related funds. While these contributions were widely distributed, their impact on production value remains modest and highly concentrated in a few large beneficiaries. The analysis questions the developmental impact of such transfers, as their incidence tends to be higher among firms with declining revenues or losses, suggesting an assistential rather than growth-oriented function. The final section explores how tax burdens and public support vary with firm size, revealing a consistent pattern of heavier fiscal incidence on SMEs and a stronger reliance on public aid by loss-making firms.