The Italian Senate on Friday passed the 2015 budget law, paving the way for the final approval in the lower house.

The 2015 draft budget originally provided 18 billion euros ($22 billion) in tax cuts, mainly to businesses and low-income households, plus a series of measures aimed at boosting the recession-hit Italian economy.

The budget law also comprised spending cuts worth 15 billion euros (18.5 billion dollars), which would have reduced Italy's structural deficit by 0.1 percent of its economy instead of the 0.5 percent suggested by the European Union (EU).

Since the text was slightly modified by the Senate, however, it would need to go back to the lower house for the final green light by the end of the year.