Italy’s Parliament approves 2023

Rome: Italy’s Senate, the upper house of parliament, has given its final approval to the government’s 2023 budget that worth 35 billion Euros (37.3 billion U.S. Dollars).

The budget package allocates 21 billion euros in tax breaks and bonuses to soften the impact of the energy crisis on companies and families.

Other key measures include the lifting of the ceiling on annual income of self-employed people taxed with a flat 15 percent rate from 65,000 euros to 85,000 euros.

The budget also allocates 4.2 billion euros to reducing the so-called “tax wedge” — the difference between what an employer pays as salary and the actual amount a worker gets after tax — to benefit low-income workers, in favor of people earning up to 20,000 euros (by three points) and up to 35,000 euros (by two points)