Italy's lower house backs Monti’s budget measuresNovember 22, 2012 - 18:28 AMT PanARMENIAN.Net - Italy's lower house of parliament on Thursday, Nov 22 approved a package of budget measures including a sales tax hike and a cut in some payroll taxes, aimed at helping the government reach its deficit-cutting targets, according to Reuters. Approval was expected after Prime Minister Mario Monti's government won three confidence votes on Wednesday that it had called to speed up passage of the budget. The measures will now move to the Senate for approval, which is expected before Christmas. The Chamber of Deputies approved the plans by 372 votes against 73. The budget, enshrined in a so-called Stability Law, is central to Monti's efforts to lower Italy's public deficit to 1.8 percent of output next year from a targeted 2.6 percent in 2012. Monti agreed at the end of October to overhaul the first draft of the budget legislation by replacing a planned income tax cut with a reduction in payroll taxes paid by employers. The package still includes a one percentage point rise in the highest value-added tax (VAT) rate, which will go into effect next July, bringing it to 22 percent. The lower 10 percent rate will not be increased as previously planned. The Stability Law is expected to be one of the final pieces of major legislation approved under Monti before Italy gears up for a national election. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |