Martedì, 18 Settembre 2018

Industry minister says govt determined to avoid tax hikes


Turin, July 15 - Italian Industry Minister Flavio
Zanonato on Monday said the government was determined to avoid
increases on a controversial property tax called the IMU as well
as on Italy's 21% value added tax (VAT).
''The will not to increase the IMU is absolute, and the
same is true regarding the IVA,'' Zanonato said on the margins
of a meeting to inaugurate construction of a new Italy-France
Zanonato added that government leaders were working to
identify financial coverage for public finances to avoid the tax
Italian Premier Enrico Letta earlier this month announced
the government's top political priority - to staunch a creeping
value-added tax (VAT) and to make cuts in the loathed IMU
property tax - will hit significant trouble due to lack of
financial coverage and budget restrictions imposed by the
European Union.
''The first goal is the most difficult,'' Letta told
journalists in Rome on July 4 after a summit held by the
parliament majority to establish a roadmap for the current
Capping the VAT and slashing the IMU are ''the most
complicated things (on the agenda), because they come with the
2013 budget, which is still rigid and does not enjoy the
flexibility'' guaranteed by the decision announced earlier in
Brussels, Letta said.
On July 3, European Commission President Jose' Barroso
announced the EC was allowing ''greater flexibility'' in
eurozone countries for public investments, but belt-loosening is
not scheduled to begin until 2014, and still does not allow
exceeding a 3% budget-deficit limit.
''Coverage must be found completely within the budget, and
that is not easy,'' Letta said.
Centre-right leader Silvio Berlusconi promised to cancel
IMU and pay back last year's take during the campaign for
February's general election.
Lawmakers belonging to Berlusconi's People of Freedom Party
(PdL) have staked their political reputation and support for
Italy's unprecedented right-left coalition government on the two
tax measures.
The property tax had been reinstated by a technical
government last year to address a crisis in public finances.

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