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

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