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Old 11-16-2014, 04:21 PM
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Mary Pat Campbell
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Join Date: Nov 2003
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ITALY

http://www.ipe.com/countries/italy/i...76.fullarticle

Quote:
Italian pension fund associations have attacked shock plans to raise the tax rate for pension fund investment income from its current level of 11.5% to 20%.

The government had already increased the rate from 11% last July, officially as a “temporary” measure, but now intends to hike it up by nearly three-quarters.

And pension funds for professional groups (casse di previdenza) will see their tax rate on investment gains go up from 20% to 26%.

The new plans are included in the Parliamentary Bill for Italy’s 2015 fiscal Budget, the so-called Stability Law.

The draft budgetary decree was agreed by the Cabinet on 15 October, and presented to Parliament on 24 October.

The Bill also includes proposals to include employee severance pay – Trattamento di Fine Rapporto (TFR) – in the individual’s annual income, if part of this is paid to them before they actually leave their jobs.

Last month, prime minister Matteo Renzi announced that workers could choose to receive severance benefits directly each month rather than being held back until the end of their employment.

If they opt to take the cash in this way, it will be taxed at their marginal rate in the year it was received.

Marco Abatecola, general secretary at Assofondipensione, the association of collective negotiation-based pension schemes said: “We are opposed to the tax increase because it will reduce future pensions, and it risks creating instability in the system, alienating workers from pension funds.”

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