October 15, 2013 / 6:04 PM / 4 years ago

Italy approves 2014 budget with tax, spending cuts

ROME, Oct 15 (Reuters) - The Italian government on Tuesday approved a 2014 budget containing tax and spending cuts aimed at stimulating the recession-bound economy while keeping the budget deficit inside the European Union’s 3 percent of output ceiling.

“This is a significant step in the right direction, with lower taxes for companies and workers,” Prime Minister ENrico Letta told reporters.

The budget contains a reduction in taxes for workers worth 5 billion euros spread over the 2014-2016 period, and worth 5.6 billion euros for companies, Letta said.

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