Govt to double Bank of Italy levy to fund tax cuts
Key part of DEF
08 April, 18:37
(ANSA) - Rome, April 8 - The government is set to double the
levy on Bank of Italy surpluses to 26% to help rake in the 6.6
billion euros it needs to fund a major cut in payroll taxes paid
by businesses and employers, sources said ahead of a cabinet
meeting to approve the new DEF economic and fiscal plan.Premier Matteo Renzi aims to rev up a slow recovery from Italy's longest postwar recession and lower record unemployment while sticking to EU-mandated fiscal targets.
A 10-billion-euro cut in payroll taxes is a key part of the DEF, along with an 80-euro-a-month tax cut for 10 million Italians with a salary of less than 1,500 euros.
