Italy’s Draghi Calls for Biggest Tax Policy Overhaul Since 1970s

Italy will enact an historic tax and financial reform aimed at creating regulatory certainty, increasing foreign and direct investment, and promoting sustainability, Prime Minister Mario Draghi said Wednesday.

The country famously uses its annual budget law to adjust individual tax rules every year, but the newly-installed Draghi wants to undertake the first holistic tax law review since the 1970s.

“Tax reform marks a decisive step in any country,” Draghi told the Senate Wednesday, four days into his tenure. “It indicates priorities, gives certainty and offers opportunity. It’s the cornerstone of a budgetary policy.”

The government plans to assemble a panel ...