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Italian Minister Says 'No Room' For A Wealth Tax

by Ulrika Lomas, Tax-News.com, Brussels

20 June 2012


During a media interview, Economic Development Minister Corrado Passera has underlined that no headroom exists for a wealth tax in Italy, or any other large new tax, after taxation on assets was increased by last December’s introduction of IMU, the new unified property tax.

“The taxation introduced within the ‘Save Italy’ budget had the objective of imposing a clear and transparent levy on property assets,” he said, “trying, at the same time, to reduce its impact as far as possible on smaller property owners.”

He did not therefore believe that “another large tax" was appropriate. "The tax burden is already very high, and (the government) does not see room for further taxation.”

In addition, Passera confirmed that the government’s current target is to find, by way of the on-going public spending review, sufficient resources to avoid the automatic second increase in the rate of value-added tax which could still occur in October this year, and would have a further recessionary effect.

However, he was more cautious on the government’s capacity to reduce tax burdens. “To cut taxes on those who pay them is an objective that we have,” he concluded. “But it is not thinkable in the near future.” He said that, to cut tax burdens, it will firstly be necessary to reduce tax evasion and to stimulate growth in the economy, thereby creating the conditions for obtaining more tax revenue.

TAGS: tax | economics | value added tax (VAT) | property tax | fiscal policy | budget | Italy

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