Italy Passes 2020 Budget, Fiscal Deficit to be Maintained at 2.2% - Forex News by FX Leaders
Italy passes 2020 budget

Italy Passes 2020 Budget, Fiscal Deficit to be Maintained at 2.2%

Posted Tuesday, December 24, 2019 by
Arslan Butt • 1 min read

The Italian parliament voted to pass the 2020 budget a week before 2019 comes to a close. The 2020 budget, which aims to maintain fiscal deficit at 2.2% of GDP for the third straight year, has now received approval from both houses of the Parliament and is ready to be enforced.

The budget was passed as a result of a confidence vote conducted in the Chamber of Deputies, a provision used to expedite the process of passing legislation without spending too much time on debate. According to the coalition government, one of the main aims of next year’s budget was to put off a proposed sales tax hike which was to be implemented at the starting of 2020.

While the sales tax hike worth 23 billion euros has successfully been cancelled, the government plans to maintain its budget deficit target by implementing hikes in value added taxes to the tune of 20.1 billion euros in 2021 and 27.1 billion euros in 2022.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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