Italy's draft Stability Law for 2015 includes a safeguard clause for a potential increase in the standard value added tax (VAT) from 22% to 24% and the reduced rate from 10% to 12%, although the increase has not been formally set. It has been reported that if implemented, it will likely apply from 1 January 2016, with a potential additional increase of 1% in 2017, 0.5% in 2018. Italy's super re…