The Italian Government has decided to include proposed measures to rationalize individual income tax deductions within the framework of the draft tax reform law, which is currently before parliament, rather than the recently-approved 2014 Budget (Stability Law).
The Ministry of the Economy and Finances has announced that the Government will arrange for the relevant sub-clauses 575 and 576 in the Stability Law to be repealed, and there will therefore no longer be any provision for a future reduction in tax deductions on the statute book. Any consequent shortfall in budgetary funding will be assured by an equivalent increase in savings from the public spending review.
