Italian bill would add nine billion to government coffers

A bill proposed by the Italian government would put nearly nine billion additional euros in government coffers in 2013, the newspaper Il Messaggero reported on Monday, citing a technical assessment of the bill. The measure, which is called the 'Stability Law', would increase the VAT tax for an additional four billion euros a year. The introduction of a tax on financial investment transactions, known as the Tobin Tax, is predicted to bring in 1.1 billion euros. The Tobin Tax is also expected to reduce the volume of stock and derivatives transactions by 30% and 80% respectively.