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Monti's Assertion Of Low Italian Property Taxes Attacked

by Ulrika Lomas, Tax-News.com, Brussels

22 November 2012


Confedilizia, which represents the interests of Italian property owners and investors, has produced statistics to disprove Prime Minister Mario Monti’s assertion that total tax rates on Italian property are low compared with other developed countries.

In 2009, Confedilizia points out, direct and indirect taxes on residential property had already reached 1.45% per year, as against the 1.44% average in Organization for Economic Cooperation and Development (OECD) countries, 1.32% in European Union member states who are also within the OECD, and 1.26% in the eurozone.

If the new unified property tax, which was introduced this year at a standard rate of 0.76% (with local variations) applying to all properties, except for the reduced 0.40% rate on first residences, is added, Confedilizia is sure that Italy now has the highest property tax rates.

As property represents a large proportion of the assets held by Italian families with low or middle incomes, Confedilizia’s President Corrado Sforza Fogliani is of the view that “a reduction in the level of taxation on property owners would therefore be justified and equitable.”

TAGS: individuals | tax | investment | real-estate investment | property tax | real-estate | tax rates | Italy

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