Home Business Italian cabinet passes new budget law, plans measures worth $35.8 bn

Italian cabinet passes new budget law, plans measures worth $35.8 bn

The Italian cabinet passed the new law on Tuesday, planning measures worth some $35.8 billion for 2023.

The new included a package aimed at alleviating skyrocketing energy costs for companies and households, as well as tax cuts for employees and self-employed workers, reports Xinhua news agency.

Overall, it includes measures worth some $21.5 billion to help companies and families face electricity and gas bills next year, the cabinet said in a statement.

The also introduced a cut in the so-called “tax-wedge”, namely the difference between the money an employer pays as a salary and the actual amount a worker gets.

Another fiscal measure would extend a 15 per cent income tax scheme for the self-employed to annual income of up to $87,202, compared with the current ceiling of $66,684, the cabinet said.

The law was approved in the early hours of Tuesday and Prime Minister Giorgia Meloni was expected to unveil other key measures in detail at a press conference later in the day.

The budget will have to pass both chambers of Parliament before being sent by year-end to European Union (EU) authorities, which are in charge of assessing EU countries’ national budgets to check if they comply with EU fiscal rules.




(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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