Progressive tax reform needed says Visco

(ANSA) - ROME, MAY 31 - Progressive tax reform is needed in Italy, Bank of Italy Governor Ignazio Visco said in his last annual report Wednesday, appearing to take aim at the government's plans for a flat tax.
    "The growth capacities of our economy are burdened by a complex tax system, on which there has often been interventions without an organic design," he told an audience of top business and financial figures.
    "A taxation that reduces the weight of taxation on the factors of production can stimulate employment and investments.
    "No intervention can realistically disregard the constraints imposed by our high public debt nor by the principles of progressiveness and contributory capacity sanctioned by the Constitution", he said. (ANSA).