October 18, 2019 / 5:59 AM / a month ago

Italy to set single tax bracket for low incomes in 2020: papers

FILE PHOTO: Italy's Prime Minister Giuseppe Conte arrives to take part in a European Union leaders summit, in Brussels, Belgium July 2, 2019. REUTERS/Piroschka Van De Wouw/File Photo

ROME (Reuters) - Italy’s government will set a single tax bracket for lower incomes, in a reform to be approved next year, Prime Minister Giuseppe Conte was quoted as saying by two newspapers on Friday.

The ruling coalition is already working on the new scheme, which would merge the current thresholds of 23% and 27% into a single one of 20%, for those earning up to 28,000 euros yearly, dailies La Repubblica and La Stampa quoted Conte as saying.

“We are working like crazy. There is a task force working on projections for the reform of the IRPEF (income) tax. We cannot approve it this year, as there are only few weeks left,” Conte was quoted as saying in la Repubblica.

On Wednesday the cabinet approved a draft 2020 budget that cuts taxes for middle-income earners and aims to crack down on tax evasion, keeping the deficit at the same level as this year.

Reporting by Giulia Segreti; Editing by Clarence Fernandez

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