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Renzi Gives Italians Lower Taxes, Higher Cash Use to Back Growth

  • 2016 budget includes elimination of levy on first homes
  • Threshold for cash payments raised to 3,000 euros in reversal

Prime Minister Matteo Renzi presented a 2016 budget aimed at supporting Italy’s domestic demand and its recovery from a record-long recession through the elimination of a tax on primary residences, new investment incentives, and a higher threshold for the use of cash.

"Most of these measures are structural," Renzi told reporters in Rome on Thursday, after the cabinet approved the plan. "Italy is growing again even if the world isn’t doing great.”