Tuesday, 29 December 2009

Italy Receives EUR95 Billion In Tax Amnesty Funds - Econ Ministry

Italy Receives EUR95 Billion In Tax Amnesty Funds - Econ Ministry

MILAN -(Dow Jones)- Under the Italian government's tax amnesty plan, assets worth EUR95 billion have been declared, of which 98% will be repatriated in Italy, the Italian Economy Ministry said Tuesday, citing data as of Dec. 15.

In an emailed statement, the ministry also said that the extension of the tax amnesty to April 2010 would be the "last one and definitive."

In December, Italian Economy Minister Giulio Tremonti announced the extension of the plan but with higher fees. Italians who repatriate assets by Feb. 28 will have to pay a 6% fee on those assets, while assets declared by April 30 will have a 7% fee.

In October, the Italian government started a tax amnesty plan that allowed Italians with undeclared assets outside the country to repatriate them by paying a 5% fee.

-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 99906; sabrina.cohen@dowjones.com

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(END) Dow Jones Newswires

December 29, 2009 05:28 ET (10:28 GMT)


Copyright 2009 Dow Jones & Company, Inc.

UPDATE: Spain Retail Sales Steepen Decline In Nov, Down 5.5%


UPDATE: Spain Retail Sales Steepen Decline In Nov, Down 5.5%

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By Christopher Bjork
Of DOW JONES NEWSWIRES


MADRID (Dow Jones)--Spanish retail sales fell at a sharper rate in November than in recent months, Spain's National Statistics Institute said Tuesday, as high unemployment put a dent in consumer spending.

Spanish retail sales fell 5.5% on the year in calendar-adjusted terms, the INE said, after falling by 2.7% in October and by 3.4% in September.

Unadjusted retail sales fell 4.3%.

The weakness in spending is largely a consequence of Spain's rising tide of unemployment. Although government stimulus measures managed to stem the rise in joblessness during a few months in the summer, job losses resumed their upwards trend from August.

Spanish consumer spending, a key pillar of Spain's formerly buoyant economy, has plummeted following the collapse last year of the labor-intensive Spanish construction industry.

The unemployment rate was 19.3% in October, the second highest in the European Union behind Latvia, according to data from EU statistics agency Eurostat.

INE Web site: www.ine.es

-By Christopher Bjork, Dow Jones Newswires; +34 91 395 8123; christopher.bjork@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=6U60xXwSNLFNLajFFImqkg%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

December 29, 2009 05:27 ET (10:27 GMT)


Copyright 2009 Dow Jones & Company, Inc.

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