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Italy's Tax Cut Programme "Necessary" And "Realistic",
Ulrika Lomas, Tax-news.com, Brussels
Thursday, August 31, 2000
Large-scale tax cuts
seem to be the order of the day across much of Europe. German's
plans have already made the headlines. France is set to unveil
details of a much-hyped package of tax cuts today, but Italian
Finance Minister Ottaviano Del Turco pre-empted his French counterpart
by annoucing a tax-cutting programme worth billions earlier this
week.
Del Turco has vowed
to cut taxes by more than ITL 36 trillion between now and 2001,
with the figure of ITL 50 trillion being forecast over a four
year period to 2004. He said he would ensure Italian tax cuts
are at least as large as those laid out by euro-zone partners
Germany and France.Whilst it is still sketchy as to the exact
taxes the government will target in the forthcoming budget, Del
Turco said the government plans to devise a tax scheme favoring
small and medium-sized businesses. It is also planning to significantly
cut back a regional company tax known as IRAP. Del Turco said:
'The heart of the matter is that we want to support companies
which take on new employees', but added that Italy doesn't plan
to follow Germany in eliminating the tax on capital gains earned
from corporate shareholdings.
Summarising the tax
situation in Italy, Del Turco stated in the Corriere della Sera
newspaper: 'Here fiscal pressure is 43 percent of GDP compared
to 44 percent in Germany and 46 percent in France. But in any
case, between 1999 and 2004 we will make between ITL 45 trillion
(US$21 billion) and ITL 50 trillion (US$23.34 billion) of tax
cuts, exactly the same as Germany plans. And between 1999 and
2001 Italy will cut taxes by considerably more than the ITL 36
trillion planned by France.'
Economists have hailed
the Italian proposals as both necessary and realistic, saying
there is no reason why Italy cannot match the figures put forward
by France and Germany. According to government figures released
in July, tax revenues rose a seasonally-adjusted five percent
in the first half of 2000 compared to the same period in 1999.
The economists' view is that most of the tax cuts will finance
themselves and that the goverment, which must present its budget
to parliament by the end of September, should most definitely
put the simplification of corporate tax at the top of the list.
Del Turco has revealed
that he does plan "drastic"' cuts to the IRAP regional
corporate tax but does not intend to reduce the 12.5 per cent
levy on capital gains. Economists forecast that income tax (IRPEF)
will also be targeted, but not across the board. Medium to low
incomes are more likely to be focused on rather than tax cuts
for those with higher incomes. Del Turco plans to reduce income
tax to an average 40 per cent by 2005 from 43 per cent now.
One of the reasons
the tax cut plans have come about is an impressive increase in
revenues. Italy has a hardy reputation for tax evasion - one only
has to look at July's high-profile tax evasion case against Luciano
Pavarotti, who was, incidentally, well and truly thwarted by the
Italian taxman - but recent fiscal receipts would indicate that
more citizens are coughing up.
Economists see the
difficulty as political instability, not money, with the goverment
playing host to a number of different opinions on how to go about
reducing fiscal pressure. Another factor is Italy's general election
due in April 2001. Centre right leader Silvio Berlusconi is leading
the polls and the centre-left could be eager to steal his thunder
by making substantial tax cuts before then.
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