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Home English Tax reductions coming on energy, books, car insurance

Tax reductions coming on energy, books, car insurance


Rome, December 13 - Lower energy costs, a tax
credit for research, creation of a new 'mini-bond', and a
reduction in car insurance bills were all part of a package
aimed at improving Italy's business climate announced Friday by
Premier Enrico Letta.
The decree, approved by cabinet, also expands Customs
operations for international clients by providing 24-hour
service and texts translated into English, said Flavio Zanonato,
minister of industry.
Most of the measures are gathered together under the
government's Destination Italy initiative designed to attract
greater foreign investment in Italy's economy, which is
struggling to emerge from two years of the worst recession seen
here since the Second World War.
"It's a measure that is used to restore the confidence of
businesses...and to give opportunities to those who want to
invest," said Letta.
A key feature of Destination Italy is an 850-million euro
reduction in the cost of energy bills.
"Such a strong reduction in the cost of energy bills
(addresses) one of the most damaging (barriers) to the
competitiveness of our businesses," said Letta.
Further incentives worth 600 million euros for small- and
medium-sized businesses to add photovoltaic panels to reduce
their energy bills are included in the new decree, as well as
tax credits for research, and incentives for businesses that
digitize more of their work.
A "mini-bond" process to help small- and medium-sized
businesses to issue securities to raise money rather than going
to the banks for loans is also included in the Destination Italy
The premier also announced a 19% tax rebate on books, which
he described as "an important point that has to do with the
dissemination of books and culture," and is expected to cost the
Treasury about 50 million euros.
An investment in the Naples Metro Capodichino line was also
announced as well as plans to reduce automobile insurance rates
by an average of 7% for consumers.

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