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Italy Announces Tax Measures To Close Fiscal Gap

by Ulrika Lomas, Tax-News.com, Brussels

27 April 2017


Italy has announced a package of tax hikes, measures to counter VAT evasion, and spending cuts.

The European Commission had confirmed on January 17 that, by its calculation, Italy would breach its "required adjustment path" this year under the European Union's medium-term budgetary objectives.

The Minister of the Economy and Finance, Pier Carlo Padoan, warned then there was a real risk that infringement proceedings could be initiated against the country if it failed to act.

The measures, predicted to be worth about EUR3.4bn (USD3.7bn), include increases to so-called "sin taxes", on gambling and tobacco, and the introduction of a VAT split payment mechanism, under which VAT liable on contracts between private sector suppliers and public bodies will be immediately collected and remitted to the Treasury.

TAGS: compliance | tax | value added tax (VAT) | gambling tax | budget | gambling | Italy | VAT compliance matters

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