(ANSA) - Rome, August 29 - The European Union (EU) is
studying the decision of the Italian government to roll back the
IMU property tax and measures to be taken to cover lost revenue,
European Economic and Monetary Affairs Commissioner Olli Rehn
announced on Thursday.
''It is absolutely essential that Italy ensures the
sustainability of public finances,'' Rehn added.
Italian government ministers finalized a deal to overhaul
the controversial property tax known as IMU on Wednesday,
agreeing to plug the revenue hole with spending cuts and other
''virtuous choices'', Deputy Premier Angelino Alfano said on his
Alfano defined the decree to eliminate IMU as a ''tax-free
''Mission accomplished! Primary residence and farm tax for
2012 have been cancelled.
The term IMU will now disappear from
the dictionary,'' wrote Alfano.
Premier Enrico Letta said following the afternoon cabinet
meeting that ''IMU is cancelled and from January 1, 2014.
will no longer exists as we know it''.
The government has said that IMU will be reformed under the
umbrella term ''service tax'', largely controlled by
municipalities, that will be introduced in the new year.
(Photo: European Economic and Monetary Affairs Commissioner Olli