The Italian Minister of Finance and the Economy has felt to counter some comments being made in criticism on the 2014 proposed Budget by the government Budget and has re-assured that the budget has been planned to reduce tax burdens.
The Minister confirms that the 2014 Budget will reverse a previous trend and will reduce the overall Italian tax burden marginally from 44.3 percent to 44.2 percent of gross domestic product (GDP). The focus o the Government is to cut taxes and reduce the tax burden further to 43.7 percent in 2016. This figure could reduce to a lower level if the recently commenced additional spending review is successful.
The budgetary measures of the Government were also supported by the European Commission in its latest economic forecast. As per the commission’s prediction, the Italian fiscal deficit would remain at the maximum limit of 3 percent of GDP this year and would reduce in 2014 to 2.7 percent, and then to 2.5 percent in 2015.
