Sunday, 4 December 2011

Will Italy's new financial plans turn out to be a miracle for them and Europe?

Will the Italians and /or the European still believe in miracles after the Italian technical government announces its plan for the economic crisis? Rumour has it that the retirement age will rise to 66 years for men from 2012 and the same age (66) for women from 2016 with a minium of 42 years (men) and 41years (women) of contributions to the national insurance fund; those earning over 70,000 euro will have to pay 46% on income tax making Italy high up on the most taxed country table in Europe; re-introduction of council tax on the first home but with a new council tax on second and third homes plus tax on luxury boats and moorings in touristic harbours; incentives for companies who invest in R&D; and goods can only be bought with cash upto €1000 to reduce tax evasion with sums over that limit being paid with plastic or cheques.

No doubt, all will be revealed tomorrow when the markets open.

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