VAT could go up to 25% in 2018

(ANSA) - Rome, October 26 - Italy's 10% and 22% value added tax bands will not increase next year, but they could start going up in 2018, according to a draft of the government's 2017 budget bill, which ANSA has seen.
    It says that the bands are set to go up to 13% and 25% respectively in 2018 and then go up even higher in 2019, unless alternative measures are adopted in the meantime.
    The draft that was completed on Monday also features so-called 'safeguard clauses" to increase duties if the government fails in its target to raise 1.6 billion euros from the voluntary disclosure of assets illegally held outside Italy.
    If the money fails to materialise, duty rises for 800 million euros will automatically kick in on energy products, alcohol and tobacco on September 10, 2017.
    The other 800 million would come from cuts at government ministries. The draft budget also allocates 100 million euros in the 2017-2019 period to promoting Italian culture and science abroad.