Bloomberg News

Italy Lowers Forecast for Revenue Raised by IMU Property Levy

July 11, 2012

Italy expects to raise 20.1 billion euros ($31.3 billion) this year from a new property tax known as IMU, Parliamentary Affairs Minister Piero Giarda said.

The projection is based on revenue from the first installment of the tax in June, which amounted to 9.5 billion euros, Giarda told lawmakers in the Rome-based lower house.

The initial target of 21.4 billion euros in revenue was lowered as areas hit by an earthquake this year were temporarily exempt from the tax, Giarda said.

To contact the reporters on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net; Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editors responsible for this story: Jerrold Colten at jcolten@bloomberg.net; Craig Stirling at cstirling1@bloomberg.net


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