Italy's government approved a draft 2020 budget in the early hours of Wedne...
ROME - Italy’s government approved a draft 2020 budget in the early hours of Wednesday that aims to cut taxes for middle-earners and crack down on tax evaders, while holding the deficit at the same level as this year, government officials said.
The budget scraps a hefty increase in sales tax worth 23 billion euros which had been scheduled to take effect in January, but which the coalition feared would push Italy’s already-stagnant economy into recession. The government approved income tax cuts for middle-earners, costing state coffers some 3 billion euros in 2020.
The budget must be presented to parliament by Oct. 20 and approved in both houses by the end of this year. It remains to be seen whether it will be rubber-stamped by the European Commission. The plan had originally aimed to raise 7 billion euros, but Economy Minister Roberto Gualtieri said on Wednesday that had been lowered to 3 billion.
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