Rome

Italian government won't increase VAT, bank leader says

2% hike featured in austerity measures

Italian government won't increase VAT, bank leader says

(ANSA) - Rome, September 5 - The Italian government has promised there will be no further hikes to the value added tax, an Italian banks' association chief said Wednesday. ABI Chairman Giuseppe Mussari told reporters after a meeting with Premier Mario Monti that he was told resources necessary for preventing a new tax hike will come from cuts in public spending. The VAT in Italy was raised earlier this year from 20% to its current level of 21% to help tackle Italy's public debt crisis. An additional 2% increase was planned for October in the government's December Save Italy austerity package, but Monti's administration subsequently said this had been put back until next year thanks to money raised with cuts after a review of public spending.

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