Italy plans to increase its flat tax on foreign income for wealthy new residents, according to reports.
The tax which exempts people moving to the country from taxes on overseas earnings, gifts and inheritance for 15 years could rise by 50 percent, from its current rate of €200,000 to €300,000.
The plans are part of measures for Italy’s 2026-2028 budget plan and marks the second tax hike in two years.
Initially introduced in 2017 at €100,000, the levy was do…
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