Lunedì, 22 Ottobre 2018
ROME

Stability Law 'to add 9 bln euros to Italian coffers

English
© ANSA

(ANSA) - Rome, October 15 - A bill proposed by the Italian
government would put nearly nine billion additional euros in
government coffers in 2013, the Italian daily Il Messaggero
reported on Monday, citing a technical assessment of the bill.
The measure, which is called the 'Stability Law', would
increase the VAT tax for an additional four billion euros a
year.
The introduction of a tax on financial investment
transactions, known as the Tobin Tax, is predicted to bring in
1.1 billion euros.
The Tobin Tax is also expected to reduce the volume of
stock and derivatives transactions by 30% and 80% respectively.
In addition, the law would save 49.8 million euros by
narrowing permits given to public employees who care for
disabled relatives, the report said.
But that measure could change, according to the report, as
could other controversial provisions, according to government
sources.
The government is deliberating whether to modify a part of
the bill which would retroactively reduce tax deductions, making
it necessary for taxpayers or tax-paying entities to cough up
payments on past filings, government sources said.
Another possible change concerns narrowing payments to
public employees who care for disabled relatives, the sources
added.
The latter measure, if enacted, would lead to roughly 50
million euros in spending cuts.
The savings would only be a fraction of what the government
stands to lose in proposed cuts to Italy's value added tax
(VAT).
A proposal to halve a planned VAT increase in 2013 would
mean forgoing 3.28 billion euros in revenues, according to the
report.
The bill calls for increasing the VAT by 1% rather than 2%.
The VAT is currently 21% on most sales.
Italian Premier Mario Monti has stressed that the budget
measures contained in the so-called Stability Law do not amount
to another austerity package like the tax hikes and spending
cuts his emergency government passed last year to put Italy on
course to balancing its budget in structural terms next year.
But they still feature new cuts, including a reduction of
over one billion euros In health spending.

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