Italy Presents New Measures for Financial Stability
(Sunnyvale, CA)- Italy has recently announced measures to ensure the financial stability of the economy. The key highlights of the financial stability package are as follows:
- Decrease in rate of individual income tax for the first two income group brackets:
- from 23% to 22% for income up to EUR 15,000, and
- from 27% to 26% for income between EUR 15,001 and EUR 28,000.
- Applicable from July 1, 2013, reduced raise in standard VAT rate from 21 % to only 22%, and similarly for VAT rate reduced hike from 10 % to 11 %.
- For individuals, maximum limit of tax credit set at EUR 3,000 for eligible expenses.
More details would be available shortly.
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Published: December 10, 2012. The information provided on this page is intended merely to highlight issues for general information purposes only. It is not comprehensive nor does it provide legal advice. Any information is subject to change without notice. No liability whatsoever is accepted by Nair & Co.