Singapore Back to Real Estate News Homepage to RSS for this country

SG Property News

SG Italy set to abolish property tax

Property Here - Tuesday, April 30, 2013

Share to:

By Andrew Batt:

The newly elected Italian government is widely expected to abolish the country’s property tax.

Eurozone nations, together with second homeowners in Italy, are cautiously welcoming the appointment of new prime minister Enrico Letta. They’re also hoping for a period of political stability in the third largest economy of the single currency bloc.

Richard Way, Editor of The Overseas Guides Company, said: "The good news for other Euro nations is that Italy should now be able to focus on improving its crisis-hit economy and not on deciding who will run the country.”

He added: "Homeowners in Italy will be equally interested in what Letta's coalition government decides to do with the country's controversial property tax, known as IMU, which was introduced under former prime minister Monti's government as part of an initiative to cut the country’s deficit.”

Way added that Letta is also expected to abolish the tax, easing the financial burden on property owners and indicating that austerity measures can only be effective up to a point.

 

Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg