Bank of Italy expresses concerns over flat tax
Official says policy is typical of emerging markets and could weaken income redistribution
The Bank of Italy has warned the country’s parliament that the government’s flat tax plans would have to take redistributive effects into account.
In testimony before a committee of the parliament’s lower house on May 18, the head of the central bank’s tax assistance and consultancy service said no other advanced economy utilised a flat tax system.
Giacomo Ricotti noted that flat taxes are mainly found in “economies in transition or developing [economies]”. These have fewer welfare commitments
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