Italy: Tax evasion burdening the honest and crimping growth

Italy: Tax evasion burdening the honest and crimping growth says central bank

(from adkronos:)

Italian tax payers are paying 44 percent of GDP or national economic output – the highest level in 50 years and a figure that is 3 percentage points higher than the eurozone average, Franco noted. “The reduction and redistribution of the tax burden is crucial to limit distortions to economic activity,” Franco added. Italy will have to make “limited” further budget-tightening measures in 2015 to to keep a balanced budget that year, he said.

Well, this is a 300 billions problem, and by itself could fix the useless and disastrous fornero maneuver, the other unpredictable gaming revenue experiment, “and” provide enough funding for this complete legislation program.

There is a need of a quick decree, to be voted down the line, to introduce automatic real time payment of all business and sales (IVA-VAT) taxes via wire, not rocket science, in the west of the US has been around for three decades, possibly added with mandatory live cameras in all the businesses, again nothing new and not rocket science, in the US has been introduced mainly, as in Britain, for anti-terrorism purpose, “but” is also a handy method to randomly control that commercial activities are in fact giving receipts and posting taxes.

In “one” month it could be possible having available real time “consolidated” figures to verify the amount of increased fiscal output, and eventually divert part of the revenues towards decreasing the tax rate, measure needed to provide some oxygen to a chocked economy.

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