Italy to unveil tax-cutting 2024 budget amid debt worries
© Reuters. FILE PHOTO: Italian Prime Minister Giorgia Meloni and Polish Prime Minister Mateusz Morawiecki hold a joint press conference in Warsaw, Poland, July 5, 2023, REUTERS/Kacper Pempel/File Photo
It will drive up next year's budget deficit to 4.3% of gross domestic product from 3.6% under current trends, according to the Treasury, due to 15.7 billion euros of extra borrowing mainly devoted to funding tax cuts. The challenging market environment may continue over coming weeks, when the budget faces scrutiny from credit ratings agencies, with S&P Global, DBRS, Fitch and Moody's at 23%, according to the officials. This will temporarily replaces the current regime in which four IRPEF rates run from 23% on income up to 15,000 euros, to a top rate of 43% on income above 50,000 euros.
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