Brussels

EU says Italy should reform land registry

In debate over controversial property tax IMU

EU says Italy should reform land registry

Brussels, August 14 - The EU Commission on Wednesday said Brussels would not discuss a controversial property tax that threatens the stability of the Italian fractious government coalition but called on Italy to reform its land registry "to align the real estate tax with a property's actual market value", said the spokeswoman for European Commissioner for Economic and Monetary Affairs Olli Rehn. Overall, land-registry property estimates are out of date in Italy and often don't reflect the effective value of the market. "GDP estimates don't change what is being requested from Italy", said the spokeswoman citing a "shifting of the fiscal burden from labour to capital, real estate property and consumption". Eurostat data released on Wednesday showed GDP had picked up 0.3% both in the euro zone and in the EU in the second quarter of 2013, but Italy, going through its longest and deepest recession in 20 years, was one of six countries with GDP down again, by 0.2%. Silvio Berlusconi's center-right People of Freedom( PdL) party has threatened to pull its needed support from the government if their campaign promise to scrap the IMU tax is not upheld, while in the meantime IMU payments have been postponed through September as part of a truce as cabinet allies seek a solution.

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