Rome

Bank of Italy calls tax burden 'obstacle to growth'

'Rate higher than elsewhere in Europe'

Bank of Italy calls tax burden 'obstacle to growth'

Rome, April 23 - Italy's central bank on Tuesday said Italy's tax code was hampering business. In testimony before the Senate, Daniele Franco, head of the Bank of Italy's economic research division, said that the country's overall tax burden at 44% of GDP is "very high", both historically and when compared to other countries. The tax burden in Italy is some 3% higher than in other EU countries, Franco said, "and the high level of tax evasion means the burden on honest citizens is even heavier" and acts as an "obstacle to growth".

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