Italian tax debt hits ‘ALARMING’ levels, warns IMF – the same spark that toppled Greece
ITALY needs to overcome fragmentation within its financial system, the International Monetary Fund has warned as the eurozone’s third biggest economy faces challenges in the aftermath of Brexit.
By REBECCA PERRING
Express.co.uk
Fri, Jul 22, 2016
Financial watchdogs described the nation’s fiscal debt as “alarming” and warned structural problems must be addressed as it unveiled the state of Italy’s tax agencies.
The IMF published a report this week titled “Italy: Enhancing Governance and Effectiveness of the Fiscal Agencies,” as part of the Fund’s Capacity Development function, which aims to help countries improve public administration.
According to Rai.TV, Juan Toro of the International Monetary Fund (IMF), claimed it was necessary to take significant measures in the recovery of credit.
The Italian government is currently failing properly to collect tax revenues – one of the reasons behind Greece’s financial crisis.
In a separate report, concerns Italy is on the brink of financial and political meltdown are rising and leader Matteo Renzi may be about to push it over the edge by calling a referendum on constitutional reform in October, potentially plunging the already beleaguered European Union into fresh chaos.
According to the report one of the country’s biggest challenges is the evasion of VAT, which peaks to around 30 per cent over two to three years.
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