Silvio Berlusconi’s centre-right government has announced a last-minute U-turn by strengthening its austerity budget with higher value added tax and a constitutional amendment to balance the budget, following market pressure on its bonds.
After more than three weeks of flip-flopping, the prime minister’s office announced that the highest VAT band would be increased to 21 per cent from
20 per cent; that a 3 per cent wealth tax would be imposed on incomes of more than €500,000 ($700,000) and that the introduction of a later retirement age
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