UPDATE: Italy Econ Min: Tax Breaks For Cos Worth Some EUR4 Billion
ROME -(Dow Jones)- Italian Economy Minister Giulio Tremonti said Tuesday that tax breaks for companies that reinvest their profits to buy machinery will total about EUR4 billion as part of a stimulus plan aimed at boosting investment and confidence in Italian businesses.
Tremonti, speaking at a press conference in Rome, also said Italian companies and families will save EUR2 billion from lower bank fees.
The stimulus package, which is fully financed, also contains a separate measure to speed up payments the government owes to Italian companies of about EUR5 billion.
The government hasn't yet confirmed how much the total stimulus is worth, but a person familiar with the situation told Dow Jones Newswires Friday that the package is worth about EUR4.5 billion.
Italy is in a deep recession. The Organization for Economic Cooperation and Development recently cut its 2009 forecast for Italian gross domestic product to a contraction of 5.5%, following a 1% decline last year, which would mark the deepest recession since World War II.
The government is also expected to release its revised economic forecasts in two or three weeks.
-By Luca Di Leo and Sofia Celeste, Dow Jones Newswires; +39-06-69766920; sofia.celeste@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=vtgt79XbJ%2FTpTPxxSJGGtQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
June 30, 2009 13:13 ET (17:13 GMT)
Copyright 2009 Dow Jones & Company, Inc.
(Adds comment, background.)
ROME -(Dow Jones)- Italian Economy Minister Giulio Tremonti said Tuesday that tax breaks for companies that reinvest their profits to buy machinery will total about EUR4 billion as part of a stimulus plan aimed at boosting investment and confidence in Italian businesses.
Tremonti, speaking at a press conference in Rome, also said Italian companies and families will save EUR2 billion from lower bank fees.
The stimulus package, which is fully financed, also contains a separate measure to speed up payments the government owes to Italian companies of about EUR5 billion.
The government hasn't yet confirmed how much the total stimulus is worth, but a person familiar with the situation told Dow Jones Newswires Friday that the package is worth about EUR4.5 billion.
Italy is in a deep recession. The Organization for Economic Cooperation and Development recently cut its 2009 forecast for Italian gross domestic product to a contraction of 5.5%, following a 1% decline last year, which would mark the deepest recession since World War II.
The government is also expected to release its revised economic forecasts in two or three weeks.
Web site: www.governo.it
-By Luca Di Leo and Sofia Celeste, Dow Jones Newswires; +39-06-69766920; sofia.celeste@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=vtgt79XbJ%2FTpTPxxSJGGtQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
June 30, 2009 13:13 ET (17:13 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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