Italy considering new fiscal measures to support investment in auto and tourism industries

epa08525498 A handout photo made available by Chigi Palace Press Office shows the President of Fiat Chrysler Automobiles (FCA) John Elkann (L) presents to Italian Prime Minister Giuseppe Conte (R) the new electric Fiat 500 in Rome, Italy, 03 July 2020. EPA-EFE/FILIPPO ATTILI / CHIGI PALACE PRESS OFFICE /HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES

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Italy is considering fiscal measures to spur investments in the auto and tourism industries, two of the sectors that have been hardest hit by the coronavirus pandemic, Prime Minister Giuseppe Conte said on Saturday.

Speaking at a conference organised by the UIL trade union, Conte said the government needed to “redefine” tax incentives in favour of green, digital investments of the future, adding “we must support the worst affected industries such as automotive and tourism”.

The government would start working on a comprehensive tax reform from next week, he said, but did not elaborate.

The automotive industry accounts for 6.2% of Italy’s gross domestic product, according to data provided by Fiat Chrysler Automobiles NV (FCA).

On Friday the Italian Parliament gave the green light to a package of incentives to encourage sales of state-of-the-art combustion engine cars as well as electric and hybrid vehicles, two lawmakers told Reuters.

Italy is the world’s fifth most visited country, according to United Nations data, and tourism contributes about 13% to GDP, according to the World Trade and Tourism Council.

One of the world’s worst hit countries with almost 35,000 deaths from COVID-19, Italy ended a rigid lockdown two months ago and has reported fewer than 50 deaths per day for the last two weeks.

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