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Italy Today

Italian news in English

Saturday, December 7, 2024

Italy's Ambitious Budget Overhaul

Published: 2024-10-14

The Italian government is embarking on a challenging budget overhaul, aiming to save €3 billion through spending cuts, new resources, and investments.

The plan involves revising ministry budgets and adjusting tax deductions based on income.

New revenue streams are expected from the gaming sector, contributing nearly €400 million.

Major investments are earmarked for healthcare, with a proposed flat tax on medical allowances.

The ambitious spending review faces resistance, especially as ministries are already tasked with significant cuts.

The government hopes to streamline tax expenditures, potentially recovering €1 billion, despite the political challenges involved.