the stamp duty on securities accounts by extending the tax to apply to financial products not held in securities accounts, except for pension funds and health funds. the tax levied as a fixed amount for different securities value brackets is replaced by a proportional levy of 0. 1 per cent in 2012 bis central bankers ’ speeches and 0. 15 per cent thereafter. a minimum of €34. 20 and maximum of €1, 200 are set for the amount of tax payable. lastly, where possible the securities are to be calculated at market rather than face value. according to the official estimates, the additional revenue with respect to the stamp duty enacted during the summer should be €1 billion a year in the next two years and €0. 5 billion a year thereafter. the decree also establishes a one - off 1. 5 per cent levy on assets repatriated or disclosed under the favourable tax measures introduced in 2001 and 2009, with the proceeds estimated at €1. 1 billion in 2012 and in 2013. a series of provisions increase the taxes on the ownership and use of luxury goods such as large cars, boats and airplanes. they will yield additional revenue of €0. 4 billion. measures against tax evasion. – the decree attacks tax evasion by reducing the ceiling for cash transactions from €2, 500 to €1, 000. a further reduction would be desirable and should be accompanied by a reduction in the costs of using electronic money. in addition, to foster the emergence of tax bases, some benefits are introduced from 2013 onwards for natural persons, partnerships and taxpayers subject to sector studies adopting transparent courses of conduct in tax matters. checks conducted by the revenue agency and the finance police on the basis of specific analyses of the risk of evasion are to be strengthened. accordingly, from 2012 onwards banks and other financial intermediaries will be required to transmit the data on financial movements on customers ’ accounts to the authorities for the purpose of tax audits. by significantly expanding the database available to the tax authorities, the measure will facilitate the exercise of other powers such as the use of presumptive income tables and audits of persons not in conformity with sector studies. further, inps will be required to inform the tax authorities of the social and welfare services and benefits provided to taxpayers, thereby making it easier to check the accuracy of declared incomes. to foster the modernization and efficiency of payment instruments and reduce the financial and administrative costs deriving from cash management, payments by general government in amounts greater than €500

households. looking ahead, this could make it possible to ease the concentration of the tax burden and step up incentives for labour and enterprise. the tax wedge on labour income in italy is 5. 5 percentage points higher than the euro - area average. the official tax rate on corporate income, even excluding the regional tax on productive activity, is more than 4 points higher. in the medium term significant tax cuts must be accompanied by curbs on spending. if gains on this front were made more rapidly, there could be an attenuation of the rise in vat rates provided for in case of failure to implement the tax and welfare enabling act, in particular the projected rise on items currently subject to the reduced rate of 10 per cent, which would have the most strongly regressive effect on income distribution. with a view to stimulating a return to faster economic growth, the structural measures contained in the decree remove some constraints and restrictions on competition and business activity and will simplify and accelerate the realization of infrastructure projects. bis central bankers ’ speeches the liberalization of pharmacies, retailing and transport resumes the reform processes initiated in the second half of the last decade. powers of regulation and monitoring are assigned to independent authorities ( which will incorporate today ’ s existing agencies ) in the sectors of water management and postal services. this is a course already given significant impulse by the measures taken during the summer concerning professional services and local public services ; it must be resolutely pursued with effective implementation of the measures already enacted. further reforms will be needed to make the set of structural actions consistent and comprehensive, with priorities being established and account taken of italy ’ s standing in the most common international rankings, in order to improve the perception of the country system by foreign investors as well. the government ’ s decision not to intervene immediately, in the decree, on issues involving employment relations and unemployment and welfare benefits will make it possible to hear the views of labour and employer organizations. nevertheless, action on these matters is urgent, in particular to provide for easier and more secure access to the job market for young people and ensure that they can achieve economic advancement that is not ephemeral. welfare reform should form part of an overall vision of social protection guided by the principle of universality. this means, among other things, combining the income support programmes for workers who lose their jobs with active policies of retraining and occupational reintegration. 3. the outlook over the past few months the outlook for growth in the euro