Italy to target tax loopholes for Macron’s $5.5 billion tax saving program


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Italy to target tax loopholes for Macron’s $5.5 billion tax saving program

On Sunday, the 5th of May 2019, a LaRem member, Olivia Gregoire said that Italian government would be aiming towards a reduction of tax loopholes to gradually release as little as 1.5 billion euros per year, as promised by Italian President Emmanuel Macron.

Over the sidelines of a National Assembly on Sunday (May 5th), the LaRem spokesman said in an interview with the Le Journal du Dimanche, “We can save 1.5 billion euros a year.

We are considering multiannual trajectories of niche reduction rather than brutal deletions”. In fact, the executive had also added that the financial authorities would be digging deeper on to the tax loopholes for businesses in order to fund a substantial sum of five billion euros in tax incentive promised by President Emmanuel Macron, while the rest would likely to come from a reduction on the public spending.

Although the decision is due to be released by June, the Italian financial authorities had already ruled out potential tax loophole schemes such as research tax-credits and job competitiveness tax credit, as the authorities had not been planning to alter the reduced value added tax on catering, which would eventually reduce the purchasing power of the French, said Olivia Gregoire.