IMF endorses Italian tax bill

Parliament weighs Monti government's tax reform

IMF endorses Italian tax bill

(ANSA) - Rome, October 1 - The International Monetary Fund on Monday threw its support behind a tax bill currently under review in the Italian parliament. The bill is aimed at simplifying the Italian tax system and making it easier to enforce, among other reforms. Italy's technical government led by Premier Mario Monti approved the measure in April as one of a series aimed at fixing Italy's public finances and its economy. The IMF said Monday that the tax bill will make a "significant improvement" to Italy's tax system - strategically and structurally - but would not remedy the country's high taxation on labor or improve the limited reach of its value added tax, or VAT. The IMF praised the tax bill for increasing the transparency of the system through enforcement reforms, for assessing property taxes on truer market values than currently, and for streamlining its treatment of business revenues.

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