Giovedì, 20 Settembre 2018

Bank of Italy says country's tax burden is 'growth obstacle'


Rome, April 23 - A top official from Italy's
central bank on Tuesday said the country's tax burden was too
In testimony before the Senate, Daniele Franco, head of the
Bank of Italy's economic research division, said that the
country's overall tax burden at 44% of GDP is "very high", both
historically and when compared to other countries.
The tax burden in Italy is some three points higher than in
other EU countries, Franco said, "and the high level of tax
evasion means the burden on honest citizens is even heavier''
and acts as an "obstacle to growth".
Franco also said that further measures will be needed to
keep the country's budget balanced in the coming years.
"To keep the budget in balance also from 2015 on it will be
necessary to introduce new measures, even if of a more limited
nature than in the past," Franco said in his testimony.
If governments were to keep a structural balance by
refinancing all budgeted expenditures, the size of needed
corrective measures would be equivalent to 0.2% of GDP per year
over the three year period 2015-2017, or roughly 16-17 billion
euros, Franco said.
However the Bank of Italy official warned that if the
country wants its budget "also recognized at the European level"
then it must come clean about what it intends to do regarding
the share of taxes collected through current real-estate taxes.
While it was not mentioned by name, the reference was to
the much-hated IMU tax put in place by the previous, technocrat
government of Mario Monti, which raised the taxes Italians pay
on their primary residence.

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