Giovedì, 20 Settembre 2018

Industry minister calls to lower tax burden for companies


Rome, May 9 - Italy's tax burden needs to be
lowered for businesses, Industry Minister Flavio Zanonato told a
meeting of Rete Imprese Italia (Italy Companies Network) on
"Fiscal reduction is indispensable for companies and for
this reason a serious and effective program is necessary without
compromising the stability of public finances," Zanonato said.
The industry minister in the new left-right Italian
government also said that a priority to relaunch consumption was
to "intervene with fiscal policies" and stop changing fiscal
rules as "this constant evolution of tax regimes creates
uncertainty and scares the consumer".
Resources recuperated from rampant tax evasion in the
country "should also be employed to relaunch growth and
employment as a priority," Zanonato added.
Italy's tax burden in 2011 was the second-heaviest among
the 27 countries in the European Union after Belgium, according
to the most recent data released by Eurostat in April.
The country's overall burden at 44% of GDP is some 3%
higher than in other EU countries, the Bank of Italy said last
Zanonato cited as priorities to boost growth credit
policies, measures tackling energy costs, red tape and
liberalizations, and warned that businesses would also be
encouraged to invest, innovate and become international.
He also spoke about the late payment of public-sector debt
to private companies.
"We need to make sure that these resources are paid off to
companies quickly," he said.
However, he warned the government needed to avoid solutions
which would be difficult to implement and have too big an impact
on public debt.
The reluctance of credit institutions to issue loans has
been compounded by delays within Italy's public administration
in repaying its debt to private companies.
The former government of technocrat premier Mario Monti
tried to address the problem in April with a decree authorizing
the release of 40 billion euros for the repayment of
public-administration debts to the private sector.
The number of bankruptcies has doubled in five years,
according to Italian business union Confindustria.
There were 3,596 bankruptcies in the fourth quarter of 2012
compared to around 1,800 over the same period in 2007.

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