The Italian Ministry of the Economy and Finance has announced that the Italian public sector requirement increased dramatically in the first six months of 2009 to a provisional EUR49.5bn, as against almost EUR24bn in the first half of 2008.
While this increase was unexpectedly large, it was explained that tax collections had fallen markedly in June 2009, compared to the previous year, due to a delay in the cut-off date for tax payments (without penalty interest) from 16 June to 6 July for a large number of taxpayers.
Tax collections have fallen, while public sector payments have risen, in any case, due to the recession in the economy. Public expenditure has also increased as a result of the government’s incentive programmes. Furthermore, additional interest payments on public debt have been experienced, despite lower interest rates on new borrowings.
.Tags: Italy | Italy
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