OECD Calls On Italy To Rein In Tax BreaksOECD Calls On Italy To Rein In Tax Breaks
While calling on the Italian Government to follow through on its efforts to reduce the fiscal deficit, the Organisation for Economic Co-operation and Development (OECD) has also proposed that ongoing tax reforms 'should include reassessing the wide array of special tax rates and exemptions.'
In its latest Economic Survey of Italy, the OECD said that 'sustained public expenditure restraint and tax increases have gone a long way to strengthen the fiscal position,' and Italy should 'stick to the planned fiscal strategy so as to bring the debt-to-GDP ratio onto a declining path.'
The OECD said that the Government should 'continue efforts to reduce tax evasion through more effective enforcement and increase tax compliance through simplified collection procedures.' It called for the Government to 'cut the number of tax expenditures and simplify the tax system,' particularly in relation to the value-added tax regime, to broaden the tax base and provide future fiscal space for some tax cuts.
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