Over recent weeks, a former Italian prime minister has vowed to repeal recent taxes on Italian property as part of his campaign for re-election. Now, Silvio Berlusconi has gone one step further and is pledging to refund last yearââ¬â¢s property tax payments in cash if his party wins the election on 24/25 February 2013.
We look at how this may affect Italian property owners next.
Berlusconi pledges to refund Italian property tax payments
Berlusconiââ¬â¢s centre-right electoral coalition has been gradually narrowing the gap in the opinion polls but is still trailing Pierluigi Bersaniââ¬â¢s left wing Democrats. The former prime minister has said he will serve as economy minister if his party wins.
At a recent rally in Milan, Mr Berlusconi promised to abolish the local property tax introduced by the incumbent government to tackle the countryââ¬â¢s economic problems. "This tax caused Italian families worry, anxiety, fear of the future," he told supporters of his People of Freedom party.
The BBC reports that ââ¬ËMr Berlusconi is using his considerable political skills to appeal to an electorate which has seen a draconian increase in taxes by the technocrat administration led by Mario Monti during 2012ââ¬â¢.
The tax on ââ¬Ëfirst residencesââ¬â¢ was originally abolished by Silvio Berlusconiââ¬â¢s government in 2008. However, it was reintroduced in 2012 by current Prime Minister Mario Monti.
The tax is currently applied (with local variations and an allowance for family dependents) at a standard rate of 0.40 per cent to first residences. Other residences are subject to a tax rate of 0.76 per cent.
While Berlusconi has long pledged to abolish the tax on ââ¬Ëfirst residencesââ¬â¢, he is now also promising to refund last yearââ¬â¢s tax payments in cash. This will clearly benefit anyone who owns a property in Italy and lives in it as their main home.
Author :
Nick
Marr
Are you looking to buy property in Italy ? Sicily , Cianciana , Pa , Umbria , Imperia
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Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.