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Govt to double Bank of Italy levy to fund tax cuts

Key part of DEF

08 April, 18:37
Govt to double Bank of Italy levy to fund tax cuts (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.

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