Italy is canceling the environmentally friendly tax system that cost it 110 billion euros!

Italy has stopped implementing a green tax monitoring system that helped the country recover from the coronavirus but has fueled spending already in excess of 110 billion euros and rampant corruption.

Finance Minister Giancarlo Giorgetti said the stop was necessary to counter “reckless policies” that threaten the power of public funds.

Italy has developed over the years, especially since the end of Covid 19 closures, a set of programs aimed at making properties more environmentally friendly, upgrading roofs and building facades, and buying good gas heaters.

The generous program, known as the “Super Bonus”, offered tax credits of up to 110% of the amount spent, which were instantly converted into cash.

Source: Bloomberg.