May 17, 2013 / 11:16 AM / in 5 years

Italy PM Letta says housing tax to be reformed by end August

ROME, May 17 (Reuters) - The Italian government will reform an unpopular housing tax, IMU, by the end of August, Prime Minister Enrico Letta said on Friday, saying that the changes would be fully funded and would respect European Union deficit limits.

“We are setting a time until August 31 within which the government and its supporting majority will reform IMU,” Letta told a news conference, confirming that payments would be suspended in June.

Letta, who has emphasised the need for pro-growth policies to stimulate a moribund economy, also said the government had set aside 1 billion euros ($1.29 billion) to finance subsidies to idled workers until the end of 2013.

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