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Italian Fashion Industry Hopes to Avert Additional US Tax

Carlo Capasa said that Italian luxury imports to the United States are currently taxed at an average rate of 20 percent.

Associated Press

07 February 2017

MILAN, Italy — The president of the Camera Nazionale della Moda says he hopes that the US administration will see that taxes imposed on fashion imports are already high, and will resist assessing an additional levy as being proposed.

Carlo Capasa said Tuesday that Italian luxury imports to the United States are taxed at an average rate of 20 percent. He said that the fashion industry had been hoping to be able to do away with import taxes, "which are already high," as part of EU-US free trade talks that stalled before the U.S. presidential election.

Capasa said that the fashion chamber wasn't engaged in any discussions on the Republican proposal to impose a so-called Border Adjustment Tax on imports, because there was nothing concrete. But he emphasised that "fashion is already heavily taxed."

In This Article

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Financial Markets

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Carlo Capasa

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Camera Nazionale della Moda Italiana

Location

Italy

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