Date: 2 months ago   Category: Economy

Italy found a way to avoid increase in taxes


The government of Italy intends to use the gold reserves of the country which are at the disposal of the Central Bank with the purpose to avoid increase in a value added tax (VAT) in 2020, La Stampa writes. According to the newspaper, the Italian Cabinet of Ministers wants to achieve real control over gold reserves as now the Bank of Italy disposes of all gold of the country. Under the law the regulator possesses wide autonomy and can make decisions irrespective of the government. Italy has the third largest gold reserves in the world the US Ambassador and Germany while other European countries sold from 20 to 60 percent of the gold. The government of Italy considers that sale of a part of gold reserves could provide financing of urgent social and economic programs. At the end of December the parliament of Italy approved the government bill of the state budget for 2019 which contains basic provisions of economic policy, including decrease in a retirement age, introduction of unconditional basic income and refusal of increase in the VAT. The Deputy Prime Minister, the Minister of Labour and Social Policy Luigi di Maio called adoption of law on carrying out in the country of pension reform step on the way to construction in Italy of "the state of general prosperity". "The film of day" is more than important news in Telegram channel. Subscribe!

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