No fun in Italy
Italy’s €33bn austerity programme is as follows:
• Property tax on first homes, increase on taxes for second and third houses.
• A 2 percentage point hike in VAT from October next year.
• Tax on money brought back to Italy under “shields” for tax evaders.
• Tax on bank accounts, shares and financial instruments.
• Increase in excise duty on petrol.
• Taxes increased on luxury assets such as boats, private aeroplanes and sports cars.
• Cuts to funding for city councils of €1.45 billion per year.
• Minimum retirement age for womens’ pensions raised to 62 from 60. Mens’ minimum retirement age to rise to 66 from 65