Italy’s tax burden marking historic surge
Istat said that Italy's tax burden crossed the 50%-of-GDP threshold in the fourth quarter of 2024, rising to 50.6% from 49.1% in the equivalent period in 2023.
It said Italy's tax-to-GDP ratio for 2024 as a whole was 42.6%, up 1.2 percentage points from 41.4% in 2023, CE Report quotes ANSA.
The national statistics agency said the General Government (GG) accounts registered a surplus in the fourth quarter of last year for the first time since 2019, with a positive balance of 0.4% compared to a deficit 6.6% in the final three months 2023.
It said this was thanks to increased tax revenues and stable expenditure levels.
"In the fourth quarter of 2024 gross disposable income of consumer households decreased by 0.1% over the previous quarter, while their final consumption expenditure grew by 0.7%," Istat said.
"Households' saving rate was 8.5%, 0.6 percentage points lower than in the third quarter of 2024.
"Gross disposable income in real terms decreased by 0.6%.
"The profit share of non-financial corporations was 42.4%, 0.2 percentage points lower than in the previous quarter.
"The investment rate of non-financial corporations was 22.1%, 0.3 percentage points higher than in the previous quarter".
