Visco, VAT drop? We need comprehensive tax reform – Economy

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“What economic policies for Italy?”. Event of the Accademia dei Lincei and the Italian Society of Economists with the participation of the Governor of the Bank of Italy, Ignazio Visco.

Right now “the state of uncertainty does not allow for making predictions I’m not saying accurate but reasonable, let’s proceed for possible scenarios. “The Governor of the Bank of Italy says so Ignazio Visco according to which “this uncertainty does not mean that we should not do anything” and recalls, quoting Keynes that he wants you “a well-built floor“to deal with the crisis and growth with” not only the short term “in mind. The governor stressed that there are” non-economic factors linked to the pandemic “but also of” geopolitical nature ” to weigh on the estimates.

Visco returns to estimate one for the Italian GDP 2020 fall around 10%“,” may be slightly higher or lower, it depends on the evolution of the pandemic in the second half of the year. “Speaking online at a Lincei event, Visco noted how the fall comes” from the dramatic decline the first and especially the second quarter “.

It takes a good bureaucracy “, “his absence is not good”. According to Visco “it is easy to say simplify” but a public administration that is capable of “responding to needs” and a “justice faster“.

“THE European funds “” will have to be paid, the payment will remain on us and for this they must be spent well, in useful infrastructures and projects “without” losing them in streams “. Our country, he says,”must have the ability to spend them“.

On the tax reform “you need an overall view“and” not tax for tax. “Visco says about the hypothesis of VAT reduction. Visco underlined how “it is an old story” but current, the theme of the “great dimension of evasion, illegality and organized crime”. This “turns into a very heavy tax burden for those who pay taxes.” On the expenditure side, the governor recalled that it is a “level that is more or less what is expected of a country that has a social status like ours”.

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