Rome

Retail association speaks out against VAT increase

Confesercenti says hike and municipal tax hinder growth

Retail association speaks out against VAT increase

Rome, June 19 - The president of retail association Confesercenti Marco Venturi on Wednesday spoke out against a rise in the top band of value added tax VAT and Tares, a municipal tax on waste and local services. "No to an increase of VAT and no to Tares," said Venturi, slamming them as 'true development barriers'. Silvio Berlusconi's People of Freedom party (PdL) wants to avert a rise in the top band of VAT, from 21% to 22%, that is scheduled in July after being put in place by the technocrat administration of former premier Mario Monti. The PdL has also threatened to pull the plug from Premier Enrico Letta's broad coalition government if it fails to scrap the unpopular IMU property tax and refund the revenues raised from it in 2012 to respect a key pledge made during the electoral campaign. Economy Minister Fabrizio Saccomanni last week said implementing each measure would cost four billion euros and the total eight-billion-euro public cost would entail ''compensatory measures of extreme severity, which at the moment is preposterous''. Photo: Confesercenti President Marco Venturi

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