Milan

Italian government denies wealth-tax plan

Monti comments appeared to suggest measure being considered

Italian government denies wealth-tax plan

Milan, November 12 - The Italian government on Monday denied planning to introduce a wealth tax shortly after Premier Mario Monti had appeared to suggest such a move was in the pipeline. Monti said at a Financial Times event in Milan that his emergency technocrat administration would like "to introduce a general tax on wealth" but added that it did not have the "instruments" to be able to do so at the moment. "Premier Mario Monti did not announce a tax measure on assets at the Financial Times conference," said a statement by the premier's office. "He limited himself to explaining the decisions taken up to now, it was not a premise for future interventions". A wealth tax is a levy on the value of what a person owns, such as property, shares and savings, rather than on their income from labour or capital gains. Monti has been criticised by many for hitting the poor, and working and middle classes too hard with his emergency technocrat government's austerity measures and not making the wealthier groups of society pay more.

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