Rome

Government must make up 4 billion euros quickly

Baretta calls for fast decisions on political priorities

Government must make up 4 billion euros quickly

Rome, September 2 - Given the income shortfall the government faces since eliminating the IMU property tax, it must move fast to set new political priorities, Pier Paolo Baretta said Monday. At least four billion euros in revenues must be found in the next month to make up for the money lost in last week's major decision to drop the IMU tax, said Baretta, Italy's economy undersecretary. That demands a "political clarification on priorities," on finding and spending government revenues, Baretta said in an interview on Radio 24. It also means that increases to Italy's value-added tax (VAT) are going to be necessary at some point to make up revenues lost with the IMU, he warned. "You cannot avoid increasing it forever".

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