Rome: Italy cabinet passes new budget law
Rome: Italy cabinet passes new budget law

ROME:  The Italian cabinet on Tuesday, November 22, approved a new budget law that includes  USD 35.8 billion in proposed spending for 2023.

According to reports from Italy, the new budget featured a package aimed at reducing the growing energy prices for businesses and households as well as tax breaks for employees and self-employed people. As per a statement from the cabinet, it contains measures worth a total of $21.5 billion to assist businesses and people with their energy and gas costs in 2019.

The budget also reduced what is known as the "tax-wedge," or the difference between what a business pays in salary and what an employee really receives.

As opposed to the present cap of $66,684, another fiscal proposal would raise the annual income threshold for the 15% income tax plan for the self-employed to $87,202, said the cabinet in its statement.

The law was enacted early on Tuesday, and at a news conference later in the day, Prime Minister Giorgia Meloni was scheduled to reveal further important provisions.

The budget will have to pass both chambers of Parliament before being sent by year-end to European Union authorities, which are in charge of assessing EU- countries' national budgets to check if they comply with European Union fiscal rules.

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