Italy Budget Plan Aims to Curb Tax Evasion, Raise Revenue (1)

Italy is hoping to close a 110 billion euro tax gap with new measures aimed at increasing electronic payments.

The additional revenue will be used to block a scheduled value-added tax hike, according to the Draft Budgetary Plan submitted Oct. 16 to the European Commission.

“The bill does not stop at eliminating the [increased] VAT clause for 2020, but contains important provisions for work, the environment, investments, families and disabilities,” the government said in a statement Oct 16.

The Italian budget’s overall goal is to rein in the growing deficit and jump-start its sluggish economy. Revenue raised from countering tax ...