Italian Prime Minister Silvio Berlusconi has stated that he has found the funds he needs to carry through a further round of tax cuts in 2006, it has been reported in the country’s media.
According to the newspaper Il Sole 24 Ore, Berlusconi has remarked that “funds have already been found” to cut taxes by the equivalent of 1% of gross domestic product, or EUR12 billion, next year.
However, the Prime Minister did not clarify where the funds will come from.
Tax cuts are central to Berlusconi’s economic platform, and he fought hard during 2004 to ensure that EUR6 billion in personal and business tax cuts took effect this year in the face of opposition from within the governing coalition, and despite warnings from the European Union over the state of Italy’s fiscal finances and its level of debt.
Italy’s budget deficit in 2004 stood at 3% - the maximum permitted under the EU’s stability pact.
.Tags: Italy | Italy
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