EU approves Italian property tax

Italy won EU regulatory approval for its amended property tax scheme today after promising to limit tax breaks to non-commercial properties.

Italian authorities modified the tax exemptions after the European Commission opened an investigation into the case two years ago, following complaints that the measure gave some  companies an unfair advantage.

"When (non-profit entities) operate on the same markets as commercial players, we need to make sure that they do not benefit from an undue advantage," EU competition commissioner Joaquin Almunia said in a statement, approving the revised scheme.

Reuters