Domenica, 21 Ottobre 2018

Italy's Stability Law passes the House, goes to Senate


Rome, November 22 - The government's budget-reform
bill known as the Stability Law passed the House Thursday with
372 ayes, 73 nays and 16 abstentions.
The bill, which first passed three confidence votes, now
passes to the Senate.
Before it was approved, MPs were able to tack on two
provisos, one requiring the government to promote the Italian
language abroad, and another requiring them to "consider
broadening the base on taxable income" for the Tobin Tax,
which applies to investment transactions and 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.
The bill's other provisions include increasing VAT by 1%
starting in the second half of 2013 for the VAT sales bracket of
21%, and a retroactive reduction of tax deductions, making it
necessary for taxpayers or tax-paying entities to cough up
payments on past filings.
Premier Mario Monti has said that the budget measures
contained in the 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.

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