Business to save 4.1bn with tax cuts

(see related)(ANSA) - Rome, September 1 - Companies will save 4.1 billion euros a year if the government cuts business taxes to 24% in 2017 as promised, CGIA economic think tank said Thursday. Premier Matteo Renzi earlier said he will cut IRI and IRES business taxes - the latter is currently at 27.5% - to 24% next year. The 3.5% IRES cut would affect 628,000 firms or 15% of all businesses, allowing each company to save 4,143 euros a year, according to CGIA. Large-cap companies such as investment and financial firms will save as much as 422,331 euros a year.
    "The IRES tax cut will mostly benefit big business," CGIA analysts said. They called on the government to also cut IRAP regional business taxes.