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Italy reviewing proposed exit tax after industry meeting, minister says
Economy Minister Giancarlo Giorgetti told industry groups Friday that Italy is working on changes to a planned levy on wealthy people who move their tax residence abroad, participants said.
Italy is working on changes to a proposed tax on wealthy individuals who leave the country, Economy Minister Giancarlo Giorgetti told industry groups on Friday, participants at a Palazzo Chigi meeting on the 2027 budget said1.
ANSA reported that Giorgetti did not give further specifics on possible changes to the measure, which is contained in the budget1.
Prime Minister Giorgia Meloni's 2027 budget, announced last month, includes a 26 percent levy on unrealized capital gains for people with financial investments of at least 800,000 euros who transfer their tax domicile abroad, according to Reuters.
Wealth advisers told Reuters the levy could reduce Italy's appeal to affluent clients after earlier governments used tax incentives to attract them; supporters of wealth taxes point to inequality as incomes at the top rise while real wages for many workers stagnate, the agency said.
Reuters also reported that Italy faces criticism from the financial sector over 5.9 billion euros in higher taxes affecting it in 2027, and that Intesa Sanpaolo said Thursday those measures could lead the European Central Bank to ask Italian lenders to cut sovereign-debt exposure.
