Chiara Nava Greater progressivity of personal income tax (IRPEF), measures to combat fiscal drag, an exit tax on large assets transferred abroad, and a contribution on extra profits. These are some of the proposals contained in the 20-point program of the Five Star Movement submitted to a vote by its members as part of Nova 2026. The document also addresses business support, including a major investment plan, a national growth fund, and a public bank dedicated to capitalizing on SMEs.
The economic and fiscal chapter , according to the program, aims to gradually shift the burden of taxation from income from work and business toward financial income considered speculative and toward sectors characterized by exceptional returns. Measures also include measures to combat tax evasion and the fight against tax havens.
From the Exit Tax to Extra Profits: Tax Proposals
Among the measures included in the fifth point of the program is an exit tax on large fortunes in the event of a transfer of residence abroad. The document also proposes ending the deductibility of royalties destined for tax havens and excluding so-called " opaque companies " from public procurement. Regarding personal income tax (IRPEF), the program does not propose a comprehensive tax reform, but rather greater progressivity through the expansion of tax brackets and the no-tax area.
The introduction of transferable, scheduled, traceable, and refundable tax credits, even for those without income, is also being considered. Another measure concerns fiscal drag , i.e., the increase in tax revenue that can occur when incomes rise due to inflation without a corresponding increase in purchasing power. The M5S proposes automatic mechanisms to neutralize its effects.
The document also addresses the excess profits generated in sectors characterized by exceptional returns due to extraordinary external factors or dominant positions. These sectors include energy, banking, insurance, the defense industry, and large digital platforms. The program also calls for a progressive tax on large financial assets, with high thresholds and exclusions for small savings, pensions, and government bonds. At the European level, the document highlights the need to harmonize capital taxation, combat tax havens, and achieve a common tax regime for very large fortunes and multinationals.
Growth Fund and Public Bank for SMEs
To support the real economy, the program proposes a national growth fund designed to voluntarily mobilize private savings and institutional capital for innovation, infrastructure, technological transition, and industrial supply chains. The instrument would operate through equity, guarantees, venture capital, debt, and risk-sharing mechanisms. The fund would be supported by a public bank for the capitalization of SMEs , with the stated objective of promoting the capitalization and growth of small and medium-sized enterprises. The program envisions selective and partial public guarantees on bonds, minibonds, and other financial instruments, including through co-guarantees with banks and institutional investors.
The document's objective is to facilitate SMEs' access to the capital market and reduce their dependence on bank credit. Other proposals include incentives to foster growth, capitalization, and business mergers. Finally, the program dedicates a specific section to simplification. It proposes reducing administrative costs and introducing a new Business Statute , designed as a legal framework to foster productive activities, employment, and innovation. Among the tools indicated are a digital one-stop shop, simplified procedures, greater certainty regarding authorization deadlines, incentives for reinvested profits, and incentives for research, development, and training. It is, therefore, a set of policy proposals that address both the structure of the tax system and the methods of financing and growing businesses, with particular attention to SMEs.