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Daily Tax Report: International

Italy Sees Tax Cuts for Hard Hit Sectors, Min. Tells Repubblica

June 22, 2020, 5:43 AM

Italy is planning value-added tax reductions in areas hit hardest by the coronavirus pandemic, Deputy Finance Minister Laura Castelli said in an interview with la Repubblica, specifying areas including restaurants and tourism, clothing and cars.

  • Measures could be effective as soon as Jan. 1, possibly valid for two years
  • Lower taxes would have a positive impact on GDP, says Castelli, a member of the Five Star Movement party
  • Separately, daily La Stampa reports that Finance Minister Roberto Gualtieri, of the Democratic Party, favors proceeding more cautiously on tax cuts, based on end-month figures and decisions over whether further emergency measures will be needed in July
  • NOTE: Prime Minister Giuseppe Conte said over the weekend his government would likely seek a wider budget gap as he draws up a plan to lobby for EU assistance

--With assistance from Chiara Remondini.

To contact the reporter on this story:
Jerrold Colten in Milan at jcolten@bloomberg.net

To contact the editor responsible for this story:
Chad Thomas at cthomas16@bloomberg.net

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