Italy considers 2015 VAT increase as finances worsen
The latest Italian budget revealed that the government is considering a new VAT rise. Italy raised its VAT rate to 22% in October 2013. Italy had already raised it 1% in 2011 from 20% at the height of the Euro currency crisis.
Italy’s public debt is the second highest in the euro zone as a percentage of GDP, and it has risen steadily to record highs above 130 percent of national output. The government deficit is continuing to drift away from the 3% of GDP target – a key rule for continuing membership of the Euro currency. Continue Reading