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Italian Coalition Continues To Pursue Tax Reforms

by Ulrika Lomas, Tax-News.com, Brussels

10 June 2011


Following a meeting to confirm the cohesion of the Italian government coalition after its recent electoral reverse, the leader of the Northern League Umberto Bossi said that it was now up to the Premier Silvio Berlusconi and the Minister of the Economy Giulio Tremonti to find a way to progress Italian tax reform.

It was confirmed after the meeting that the coalition would go forward, as planned, until 2013, that it was “solid”, and that it was still able “to give stability and carry forward its reform programme.” It was further disclosed that the government’s objective remained to bring the country’s fiscal deficit back into balance in 2014, as foreseen in the official commitments made to the European Commission.

In comments made after the meeting, Bossi said that Berlusconi and Tremonti would now have to find a compromise so that the tax burden may be reduced on individual and corporate taxpayers, while still keeping the public finances “in order”. He added that the government needs to be cautious, not only because of its promises in Europe, but also because of the possible reaction of global financial markets to any worsening of Italy’s public finances.

His comments reflect recent reiterations, by both the Governor of the Bank of Italy, Mario Draghi, and the President of Confindustria, Emma Marcegaglia, that significant cuts in the high rates of tax currently imposed on the incomes of both workers and of businesses were required, to encourage growth in the economy. Both also looked for the consequent reduction in tax revenues to be financed by further action against tax evasion.

TAGS: tax | economics | fiscal policy | corporation tax | Italy | tax reform | individual income tax

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