Tax hike: Italian Prime Minister Giorgia Meloni is looking to raise to more revenue amid a squeeze on Italy’s public finances
The government of Giorgia Meloni is to double a levy on foreign residents.
The £86,000-a-year payment, which exempts people moving to the country from tax on overseas earnings, gifts and inheritance for 15 years, will rise to £172,000.
Billionaires have flocked to the country to take advantage of the tax system, after the levy was introduced in 2017, amid hope it would benefit the economy.
It allows about 4,000 people to save money on foreign income – but not income earned in Italy – and has led to Milan becoming a hotspot for the private equity executives fleeing London.
Milan has lured major investment firms, including Capstone Investment Advisors, Eisler Capital, and billionaire Steve Cohen’s Point72 Asset Management. But locals have called it the ‘billionaires’ tax or ‘the footballers’ scheme’.
Italy wants to raise money amid a squeeze on public finances.
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