Italy has doubled a flat tax on the foreign income of new residents, in a blow to rich expats seeking to flee the prospect of higher levies elsewhere in Europe.
Prime Minister Giorgia Meloni’s cabinet on Wednesday approved a rise in the annual levy on overseas income for new tax residents in Italy to €200,000.
The current €100,000 tax incentive, while popular with wealthy individuals, has been controversial among Italians, especially in the business capital Milan, where the recent influx of the super-rich has been blamed for a sharp increase in real estate prices and other rises in living costs.
Finance minister Giancarlo Giorgetti, who on Wednesday referred to the levy as the “so-called flat tax for the billionaires”, said at a press conference that the increased levy was still set at a level that would remain “interesting” to wealthy foreigners.
@VOTA1 god1Y
Is it morally right for a country to impose higher taxes on rich expats to benefit local citizens?
@VOTA1 god1Y
Should the responsibility to support the local economy fall more heavily on wealthy foreigners or on the local government and citizens?
@VOTA1 god1Y
Could doubling the tax on wealthy foreigners be seen as penalizing success or a necessary step for economic equality?
