Giovedì, 20 Settembre 2018

Govt seals deal on controversial property tax


(By Kate Carlisle)
Rome, August 28 - Government ministers finalized a
deal to readjust the controversial property tax known as IMU on
Wednesday, agreeing to plug the revenue hole with spending cuts
and other "virtuous choices, Deputy Premier Angelino Alfano said
on his Twitter account.
Alfano defined the decree to eliminate IMU as a "tax-free
"Mission accomplished! Primary residence and farm tax for
2012 have been cancelled. The term IMU will now disappear from
the dictionary," wrote Alfano.
Premier Enrico Letta said following the afternoon cabinet
meeting that "IMU is cancelled and from January 1, 2014. It will
no longer exists as we know it".
The real-estate tax will be reformed under the umbrella
term "service tax", Letta said.
"All political parties gave a clear indication that there
was the need to solve the issue of is a radical change,
but absolutely necessary, he said.
"Now we can look towards the future of the government with
much more confidence," Letta said.
Former premier Silvio Berlusconi and supporters of his
People of Freedom (PdL) party have threatened to bring down
Letta's government since its founding in April if it failed to
roll back the tax, a central plank in his campaign platform in
February elections when his centre-right party roared to second
and ultimately won a junior partnership in the current
left-right coalition.
While the PdL House whip Renato Brunetta said after talks
late Tuesday that the government was looking for ways to cover
the revenue lost from the tax, Economy Minister Fabrizio
Saccomanni has long said the country could not afford to scrap
The property tax was introduced by the technocrat
government of former premier Mario Monti when he took over from
Berlusconi two years ago to help mitigate Italy's debt crisis
and avoid a Greek-style meltdown.
However, Berlusconi's party claimed ahead of the cabinet
meeting on Wednesday to decide IMU's future that it had already
"The People of Freedom party has respected its pact with
its constituents and Premier Letta has respected its agreement
with the PdL. The positive thing is that all citizens will
benefit," Berlusconi said when the decision was announced.
"The tax burden will be reduced by over 4 billion euros.
That is money that will remain the in pockets of Italians and
allow us to look at the future with more confidence," Berlusconi
"Today's reform is a turnaround to the road for a virtuous
path of growth: the value of property will increase, income will
increase, consumption will go up, new jobs will be created and
positive expectations for the future will return," Berlusconi
Brunetta said he was extremely satisfied by the Cabinet
meeting's result.
"Now the Italian economy can recover and breathe,"
Brunetta said.
Ending the controversial IMU property tax will ease the
burden on Italian families, Letta said.
"We will get a reduction of the tax burden on Italian
families, and that was one of the objectives of the government".
A decree formalizing changes to tax laws will be developed
"in the coming weeks," he said.

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