Tax Breaks: Income Tax

tax breaks: The blueprint provided a reduction of corporate tax from 27.5 percent to 24 percent, as already announced by Economy Minister Pier Carlo Padoan earlier this month, according to Global Times China. A personal income tax on agricultural firms was scrapped, and the social security contributions from self-employed workers were reduced. Overall, the package was worth 26.5 billion euros . The cabinet said much of the bill includes measures to boost economic competitiveness. "The budget structure comprises six chapters, and the most relevant of them is competitiveness, to which we have allocated some 20 billion euros over a multi-year period," Renzi told a press conference after the cabinet meeting. Tax breaks for companies willing to hire new employees were confirmed, but were less compared to the previous two years. A new, simplified tax system was introduced for small entrepreneurs and artisans, as a way to encourage them to reinvest their profits in their own business, the prime minister explained. The budget also contained incentives for companies investing in machinery and innovative technologies. (news.financializer.com). As reported in the news.