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Italian 'Tax Freedom Day' Arrives Three Days Earlier

by Ulrika Lomas, Tax-News.com, Brussels

01 June 2016


CGIA of Mestre, Italy's association of sole traders and small businesses, has calculated that on June 3, after 154 days, Italian taxpayers will have paid all of their taxes and contributions for the 2016 tax year – three days earlier than last year.

CGIA emphasized that the calculation of the overall tax burden in both 2015 and 2016 included the subtraction of the EUR80 (USD89) monthly tax bonus, which is granted to almost 11m employees with low-medium incomes, but which is accounted for in official statistics as a tax expenditure, rather than as a tax deduction.

Compared with 2015, total government tax revenue is expected to reduce this year by more than EUR5bn, largely due to the removal of TASI (the tax on local general services) on prime residences at a cost of EUR3.5bn.

"Working until June 3 for the Government," CGIA concluded, "provides some idea of how excessive Italian tax burdens are. The actual burden on 'honest taxpayers' [taking account of the EUR215bn non-taxpaying underground economy], will reach 48.4 percent in 2016; 6.2 percent more than the official rate."

TAGS: individuals | compliance | tax | business | tax compliance | employees | Italy | tax breaks | revenue statistics

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