Commodities and Futures News

Italy readies targeted tax breaks for farmers, minister says

2024.02.07 12:05


© Reuters. FILE PHOTO: Farmers drive their tractors to succeed in Rome as they protest over worth pressures, taxes and inexperienced regulation, grievances shared by farmers throughout Europe, in Bolsena, Italy, February 5, 2024. REUTERS/Yara Nardi/File Photo

By Angelo Amante

ROME (Reuters) – Italy’s authorities will provide targeted tax breaks to assist farmers dealing with hardship, a minister instructed parliament on Wednesday, seeking to present help to the sector amid a wave of protests throughout Europe.

Farmers have staged demonstrations to precise their anger about low costs for produce, rising prices, low-cost imports and constraints imposed by the European Union’s drive to struggle local weather change, demanding motion by authorities.

The protests have eased in France and Germany for now however look like rising in depth in nations resembling Spain and Italy, the place teams of farmers have congregated outdoors Rome with their tractors.

The authorities seems set to partially restore an earnings tax break which had been dropped within the funds regulation for 2024, accepting one of many farmers’ key requests.

“A measure aimed at providing tax exemption for those agricultural entrepreneurs who need effective support …. is being studied,” Parliament Minister Luca Ciriani instructed the decrease home of parliament.

“It is clear that the main priority for this government in managing public resources is to use them to support the weakest,” added Ciriani, a member of Prime Minister Giorgia Meloni’s Brothers of Italy get together.

He mentioned the tax breaks may very well be included in a authorities decree at present being examined in parliament.

Farming is a delicate sector for Meloni’s right-wing administration. Coldiretti, the principle agricultural foyer group, has an in depth relation with the federal government however the present protests are being led by quite a few particular person associations.

Meloni on Wednesday mentioned her authorities had already performed a lot to guard Italian farmers from European insurance policies seen as dangerous.

“The government defended the agricultural sector from some choices that we felt were too ideological”, she instructed an occasion.

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