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Italy's Economy Minister: 2010 To Be Year Of Tax Reform

by Ulrika Lomas, Tax-News.com, Brussels

30 December 2009


During a press conference held to review the past year, Giulio Tremonti, Italy’s Minister of the Economy, suggesed that, while the 2010 budget bill recently approved in parliament contained no major tax changes, tax reforms will be necessary next year.

First, he revealed that the amount of funds declared under the tax amnesty had reached over EUR80bn (USD115bn). Its four-month renewal to end-April 2010 was necessary, he explained, in order to allow those declarations that were building up in the last few days before the original maturity date, to be processed properly.

Tremonti's opinion was that the macro-economic effect of the tax amnesty was of more importance to the country than the revenue received by the government from the penalties payable. The additional investment in the country from the repatriated funds would be of real benefit, he argued.

The 2010 budget bill, he went on to explain, covered expenditure amounting to EUR9bn, or only 1% of total government spending. It contained no substantial tax changes.

However, the government has recognized that certain sectors of the economy have suffered greatly during the current recession, and has begun to look at possible reforms. Tremonti believes that reforms to the tax system will be fundamental to those future discussions.

He stated that there will be an initial phase of study and debate with all sectors, and stressed that in his opinion, the tax reforms should have, as their priority, the family, employment, research, and the environment.

A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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