Rome, May 23 - Cutting business taxes is essential to encouraging Italy's economic growth, the head of the country's powerful industrial confederation said Thursday. The government's recent decision to suspend the unpopular IMU property tax was a good start, but more is needed, said Giorgio Squinzi, head of Confindustria. "We appreciate the commitment that the government has taken with the IMU decree, (and we) ask for a tax to support those who create and distribute wealth, transparent and respectful of the rights of citizens and businesses," he said. Speaking to the group's annual meeting, Squinzi also called on Premier Enrico Letta's government to slash other business taxes, including social security contributions. He particularly singled out the regional tax on productive activities (IRAP) for reform.