AlwaysFree: Italy Considers Shifting $2.3 Billion From Tax Reduction To Energy Price Curbs: Sources

The Italian government is considering raising its funds to curb energy prices by €2 billion ($2.27 billion) using resources initially planned to reduce income and business taxes, Reuters reported, citing sources familiar with the plan. Prime Minister Mario Draghi has already spent more than €4 billion ($4.53 billion) this year to try to ease utility bills by compensating firms that agree to cap their fees.

The administration set aside a further  €2 billion ($2.27 billion) in the 2022 budget approved by the cabinet in October. However, it is mulling to double the sum as soaring energy prices continue to fuel inflation. The sources said the money would come from €8 billion ($9.06 billion) earmarked to cut income and business taxes, adding that the cabinet would likely discuss the matter on Friday.

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