Domenica, 21 Ottobre 2018
ROME

Saccomanni hints VAT rise unavoidable

English
© ANSA

Rome, May 28 - Economy Minister Fabrizio
Saccomanni said on Tuesday following meetings in Brussels with
the European Commission that resources freed up by the end to
the excessive-deficit procedure against Italy need to be
funnelled into investments.
When asked if a proposed 1% increase in the country's value
added tax (VAT) would be avoided by elimination of the
excessive-deficit procedure, Saccomanni said that the country
"needs to concentrate on investments".
Some eight billion euros of public money is expected to be
freed up in Italy with the elimination of the procedure - funds
which would otherwise have been applied to reducing the debt as
a percentage of GDP.
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 last week.

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