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Italy's new financial bill to hurt consumption: experts

时间：2012-10-11 05:59:30

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 Italy's new financial bill to hurt consumption: experts

ROME, Oct. 10 (Xinhua) -- The financial bill announced by the technocratic1 cabinet led by Prime Minister Mario Monti will impact negatively on domestic consumption, local analysts2 said on Wednesday.

According to Carlo Maria Pinardi, a corporate3 finance professor at Milan's Bocconi University, by cutting income tax in the two lowest bands next year while raising value-added tax (VAT4) by 1 percent, the emergency government risks to "score an own goal" in the recession-hit country.
"Being VAT the most evaded5 tax, raising it means further weighing on legal economy while leaving its illegal part unpunished," Pinardi told Xinhua.
"I think this latest step was wrong, exactly like a previous tax on luxury goods," he said noting that the wealthy or dishonest remained untouched by moving their assets abroad, while fundamental industries of Italy like the nautical6 one were brought to their kneels.
"It will be the same result with the VAT hike, that will further weigh on citizens who already pay taxes thus deep their competitive disadvantage," he said.
In his view, Monti's cabinet has sought the easiest solution to balance the budget in 2013 as promised, instead of "courageously7" cutting huge public expenses.
Giuliano Noci, a marketing8 professor at Politecnico University of Milan, agreed that Monti's move will trigger "recessive9 effects" on the Italian economy, mainly for two reasons.
"First, the VAT raising will penalize10 domestic consumption, which is already weak, with higher consumer prices," he told Xinhua. Secondly11, the professor said the cut in income tax will not lead to more consumption either.
"In the current uncertain context, people do not spend money. Therefore what seems to be a compensation for the VAT hike is not like this," Noci said.
Once again, he added, it will be consumers and small- and medium-sized companies to suffer the most in a country with some three millions of people without a job, and whose purchasing power has recorded the lowest level since 2000.
According to Noci, the emergency government has adopted a "merely accounting12 vision" in order to put Italy on track to balance its budget in structural13 terms next year.
But what the professor defined as Monti's "austerity integralism" will have the only effect to delay problems while not helping14 the country release the much needed new energies, he noted15.
"It is like forcing a wounded athlete to run a 100-meter game. Would it make sense or is it better to wait a little while curing him?" Noci said.
At the same way, Italy needs "credible16 programs" to reduce its public debt (over 123 percent of gross domestic product) which demand more structural reforms, he said.
Giacomo Vaciago, an economics professor at Milan's Catholic University, was more optimistic. "When German Chancellor17 Angela Merkel took office, first of all she raised VAT by 3 percentage points, and sustained industrial investment," he told Xinhua.
At the same way, Italy can stimulate18 competitiveness by increasing indirect taxes and cutting direct ones, Vaciago said. In his view, the government's last move goes in the right direction despite "being only a starting point."
"However, domestic consumption will unavoidably suffer," he added.

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1 technocratic dd957e96c7b0d90a69a67074fe6d0189     
adj.由技术专家官员组成的；受技术官僚影响的
参考例句：
  • But there is method in Europe's technocratic madness, the official went on. 但欧洲的专家政治论者的愤怒是有原因的，这个位官员接着说道。 来自互联网
  • Mr Juppé was floored in part by his contemptuous, technocratic attitude towards union leaders. 朱佩对工会领导蛮横与不屑，是导致他一败涂地的部分原因。 来自互联网
2 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
3 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
4 vat sKszW     
n.(=value added tax)增值税，大桶
参考例句：
  • The office is asking for the vat papers.办事处要有关增值税的文件。
  • His father emptied sacks of stale rye bread into the vat.他父亲把一袋袋发霉的黑面包倒进大桶里。
5 evaded 4b636015da21a66943b43217559e0131     
逃避( evade的过去式和过去分词 )； 避开； 回避； 想不出
参考例句：
  • For two weeks they evaded the press. 他们有两周一直避而不见记者。
  • The lion evaded the hunter. 那狮子躲开了猎人。
6 nautical q5azx     
adj.海上的，航海的，船员的
参考例句：
  • A nautical mile is 1,852 meters.一海里等于1852米。
  • It is 206 nautical miles from our present location.距离我们现在的位置有206海里。
7 courageously wvzz8b     
ad.勇敢地，无畏地
参考例句：
  • Under the correct leadership of the Party Central Committee and the State Council, the army and civilians in flooded areas fought the floods courageously, reducing the losses to the minimum. 在中共中央、国务院的正确领导下，灾区广大军民奋勇抗洪，把灾害的损失减少到了最低限度。
  • He fought death courageously though his life was draining away. 他虽然生命垂危，但仍然勇敢地与死亡作斗争。
8 marketing Boez7e     
n.行销，在市场的买卖，买东西
参考例句：
  • They are developing marketing network.他们正在发展销售网络。
  • He often goes marketing.他经常去市场做生意。
9 recessive GANzD     
adj.退行的，逆行的，后退的，隐性的
参考例句：
  • Blue eyes are recessive and brown eyes are dominant.蓝眼睛是隐性的；而褐色眼睛是显性的。
  • Sickle-cell anaemia is passed on through a recessive gene.镰状细胞贫血通过隐性基因遗传给后代。
10 penalize nSfzm     
vt.对…处以刑罚，宣告…有罪；处罚
参考例句：
  • It would be unfair to penalize those without a job.失业人员待遇低下是不公平的。
  • The association decided not to penalize you for the race.赛马协会决定对你不予处罚。
11 secondly cjazXx     
adv.第二，其次
参考例句：
  • Secondly,use your own head and present your point of view.第二，动脑筋提出自己的见解。
  • Secondly it is necessary to define the applied load.其次，需要确定所作用的载荷。
12 accounting nzSzsY     
n.会计，会计学，借贷对照表
参考例句：
  • A job fell vacant in the accounting department.财会部出现了一个空缺。
  • There's an accounting error in this entry.这笔账目里有差错。
13 structural itXw5     
adj.构造的，组织的，建筑（用）的
参考例句：
  • The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
  • The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。
14 helping 2rGzDc     
n.食物的一份&adj.帮助人的，辅助的
参考例句：
  • The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
  • By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。
15 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
16 credible JOAzG     
adj.可信任的，可靠的
参考例句：
  • The news report is hardly credible.这则新闻报道令人难以置信。
  • Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？
17 chancellor aUAyA     
n.(英)大臣；法官；(德、奥)总理；大学校长
参考例句：
  • They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
  • He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。
18 stimulate wuSwL     
vt.刺激，使兴奋；激励，使…振奋
参考例句：
  • Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
  • Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

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