Italy VAT rise looking unlikely

Italy VAT rise looking unlikely

Having already increased the VAT rate to 22% in 2013 Italy was facing another VAT increase to 24% in 2016, with an even further potential increase to 26.5% in 2018. This increase was proposed as the Italian total debt has continued to rise in recent years, and was looking to rise to 130% of GDP in 2015. Italy failed to reduce spending enough so as to reduce its deficit as a percentage of GDP to below 3%, which is a basic requirement for membership of the Euro currency. Continue Reading