Europe: Italy plans multi-billion euro tax cuts and higher bank charges
Giorgia Meloni is increasing taxes on banks and corporations to finance pre-election tax cuts and higher spending worth 26 billion euros.
Italy's government, led by Prime Minister Giorgia Meloni, plans to increase taxes on banks, energy companies, insurers, and the gambling industry to finance 26 billion euros in tax cuts and higher spending ahead of next year's election. The measures aim to reduce the tax burden on middle incomes and self-employed individuals and provide more funds for the national health system.
The tax on banks will rise from 27.5 to 30.5 percent and for insurers from 24.1 to 27 percent, with the financial sector expected to contribute over 5 billion euros. The government's budget deficit is forecast to rise to 3.4 percent of GDP next year, above the EU's 3 percent limit.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
