Venerdì, 19 Ottobre 2018

Italian retailers sound alarm over VAT rise


Rome, May 20 - Italian small retailers association
Confesercenti on Monday raised the alarm over a 1% rise in the
top band of value added tax (VAT) scheduled for July.
Premier Enrico Letta has said his left-right government
will try to avert the rise, which was announced as part of
efforts to restore health to Italy's public finances by his
predecessor Mario Monti.
But Letta may have decided that the rise in the top band of
VAT from 21% to 22% cannot be avoided, according to media
reports at the weekend.
Confesercenti said the rise would deepen the recession,
Italy's longest in over 20 years, and may also be
counterproductive, as the negative effects on growth may end up
driving tax revenues down rather than up.
"VAT is a very serious problem," said Confesercenti
President Marco Venturi, adding that a previous rise from 20% to
21% in the band had already created mayor difficulties.
"The rise to 22% would have an even bigger effect on
consumer spending, depressing it further.
"This could have effects on tax revenues, which rather than
increasing by three billion euros as forecast, could diminish by
300 million
"It could have an effect on production and our country's
economic prospects.
"You have to try to tackle the problems with the public
finances by cutting public spending - not expenditure to
encourage production or for social services, but the waste and
many excesses that exist in our country".
On Sunday another retail association, Confcommercio, said
the planned VAT rise would cost the average family made up of
three people 135 euros a year.
It added that 26,000 retailers risked going out of business
this year.

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