Reuters: US Dollar Report: Italy to delay sales tax hike for three months - PM Letta

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Italy to delay sales tax hike for three months - PM Letta Jun 26th 2013, 10:05 ROME, June 26 | Wed Jun 26, 2013 6:05am EDT ROME, June 26 (Reuters) - Italy delayed a planned sales-tax increase for three months and introduced tax incentives for companies who hire unemployed young people, Prime Minister Enrico Letta said on Wednesday after a cabinet meeting. With Italy's economy, the euro zone's third-biggest, still mired in its longest post-war recession, the government pushed back the scheduled 1 percentage point rise in the main rate of value-added tax (VAT) to October from July. The temporary VAT freeze "is meant to send a message to consumers in the hopes that it will help the economy," Letta said after the cabinet meeting. He said that parliament could choose to prolong the freeze. The hiring incentives worth 1.5 billion euros over the next 18 months should help 200,000 young people find jobs, Letta said ahead of a meeting of European Union leaders on Thursday that will focus on fighting youth unemployment. Italy's youth unemployment rate currently exceeds 40 percent.

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