By  on December 5, 2011

MILAN — Italy’s fashion set are about to feel a financial pinch.

As part of the government’s austerity package, Italian Prime Minister Mario Monti is pushing through a slew of measures, including new taxes on luxury goods such as yachts, high-performance cars and private jets and helicopters.

Monti and his technocratic government have also restored a tax on first homes, which former Prime Minister Silvio Berlusconi had done away with, and increased taxes on second and third homes.

As an emergency degree, the package takes immediate effect, with official parliamentary approval expected before Christmas.

Monti has repeatedly stressed the importance of upholding the euro and the European Union. Before the press conference, held in Rome on Dec. 4, Monti addressed Italian citizens directly, saying that the austerity measures were intended to urgently “help Italy to get out of a very serious crisis, an international crisis” which risked tainting Italy’s reputation. The austerity measures, he said, would help restore the country’s credibility in Europe and worldwide.

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