Taking advantage of a recent parliamentary debate on the economic crisis, Italy’s Minister of the Economy, Giulio Tremonti, gave an assurance that the country’s impending tax reforms would not include property taxes, nor would they affect people’s savings or their homes.
In addition, the Minister guaranteed that any tax reforms would not be finalized until after full discussion with all interested parties. He has previously said that the process would take place during the next two to three years, starting after the forthcoming regional elections. He has confirmed that a structural overhaul of the tax system was the government’s top priority, and that, meanwhile, there would be no piecemeal small corrections within the existing system.
He reiterated that the Italian tax system had become extremely complicated, caused by various past adjustments that have accumulated over the years. The Italian fiscal system was, he said, designed 50 years ago and, since then, has been constantly patched up.
He added that the system needed to be changed, but that could not happen in the short-term. It needed to be studied and debated by all sectors of the economy – including parliament, the parliamentary opposition and international bodies - before any action would be taken.
He confronted those who have requested immediate action on taxes, and who have said that other European countries had already actioned structural tax reforms during the economic crisis. He argued that, apart from measures to save their banking systems, no other European country had instituted such reforms in the past two years.
He added that, in the crisis, the government had had to provide stability and fiscal prudence, without an increase to the public sector deficit. At least, he said, in Italy, the government had begun to establish the way to a three-year programme of fiscal reform, but that there was no magic formula to be used in the short-term.
.Tags: tax | Italy | property tax | tax reform
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