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Italy may shift 2 billion euros from tax cuts to energy price curbs

by Mike Robinson

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© Reuters. FILE PHOTO. Mario Draghi, Italy’s Prime minister, watches as Emmanuel Macron, the French President, signs an agreement to help tilt Europe’s power balance. The news conference was held at Villa Madama, Rome (Italy), November 26, 2021. REUTERS/Remo

ROME, (Reuters) – Italy could increase by around 2 billion Euros ($2.27Billion) the funds it has set aside for energy price reduction next year. It will do so using resources that were previously intended to lower income and reduce business taxes.

Mario Draghi’s government has spent over 4 billion euro to control international energy costs. It compensates companies for agreeing to lower their tariffs.

While Draghi has set aside another 2 billion euro for the next year in the Cabinet’s October 2022 Budget, energy price pressures continue to drive consumer price inflation. The government now contemplates doubling that amount.

($1 = 0.8828 euros)

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