Italy to postpones 1 July 2013 1% VAT rise?
Italy postpones 1 July 2013 1% VAT rise
23 June 2013
Italy may delay the planned 1 July 2013 VAT rise from 21% to 22% – or even cancel it.
The scheduled 1% VAT increase was first announced in 2012 in the midst of the Euro currency crisis. It followed a similar 1% Italian VAT rise in September 2011.
Since this second rise was proposed by the technocrat government of Mario Monti there has been speculation that it would not go ahead because of weak consumer demand and a wider scepticism across the recession-hit Euro economies that such austerity measures had gone too far.
Whilst the current coalition has repeatedly said the rise was necessary to help meet the Euro-currency 3% deficit target, the minority People of Freedom party (led by former PM, Silvio Berlusconi) has been threatening to bring down the government if it was not withdrawn.
Today, a deputy government Economy Minister said that the increase may now be postponed for a least three months to October 2013. It possible, the government will cancel it altogether. Such a move would leave a €4 billion hole in the state budget.
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