Italian manufacturers reportedly are benefiting by a new tax provision that allows them to claim credits up to 250% of the value of their capital investments in high-technology products. The so-called Industry 4.0 tax incentive was promoted and implemented by the now ousted government of former Prime Minister Matteo Renzi. As a result, Ucimu is forecasting domestic consumption of machine tool technologies will rise 6.9% in 2017.
Further, the group predicts its members’ production of machine tool products will rise 4% year on year for 2017m, to €5.7 billion (or roughly $5.93 billion), the record high set in 2008.
Ucimu is a trade association representing Italian manufacturers of machines tools, robotics and automation systems, and auxiliary products.
“After three consecutive years of double-digit growth of the domestic market, we want to remain cautious, but as I look around and speak with our members, I am convinced that the growth rate of domestic demand will be higher by a large amount,” Ucimu president Massimo Carboniero said.