Rome

12 bn from spending review, fight against tax evasion (2)

No tax hikes in DBP

12 bn from spending review, fight against tax evasion (2)

Rome, October 18 - Italy's 2.3% deficit-to-GDP ratio next year will be obtained "through interventions worth 0.7% of GDP" based on public spending cuts and the fight against tax evasion, according to details of the Draft Budgetary Plan (DBP) published on Tuesday. The DBP "rules out tax increases" and will instead continue to reduce taxes, according to the document. The equivalent of 0.7% of GDP is 12 billion euros. The government's updated DEF economic blueprint mentioned 0.5% of GDP, or 8 billion, for a deficit target of 2%, although many measures that have now been listed were not considered. The deficit target in the DBP is 2.3% of GDP.

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