ROME: The Italian government approved a decree on Wednesday doubling to 200,000 euros ($218,220.00) per year a flat tax applied on income earned abroad by wealthy individuals who transfer their tax residence to the country. The incentive, introduced in 2017 under a centre-left government, aimed to lure rich people to Italy in the hope that it would benefit the economy. However, Economy Minister Giancarlo Giorgetti told reporters Italy was now against the idea of countries competing with each other to offer “fiscal favours” to the wealthy. The government’s decision may also make a small contribution to bolstering Rome’ public finances as Prime Minister Giorgia Meloni prepares a 2025 budget aimed at narrowing the country’s wide fiscal gap. The doubling of the flat tax…