Tax Pills

Third year season of Pre-filled tax returns starts today
The new pre-filled “730” and “Redditi” forms are now available on the Italian Revenue Agency’s website for 30 million of Italians. Starting from 18th of April 2017, indeed, taxpayers can directly refer to the online pre-compiled forms being able - from May 2- to accept the information automatically included on the return or make modifications, in case of erroneous or missing pre-filling information. If they accept the pre-compiled data, their tax declarations will not be selected for audit by the Italian Revenue Agency.
Over 800 million information collected - The Italian pre-filled tax returns experimentation – gradually introducing e-forms from 2015 to 2017- is ending its pilot phase this year adding some relevant innovations to the tax returns process. Beyond information collected by tax database and from previous filing years, in the forms taxpayers can find data from third parties, such as banks, insurance companies, pension funds, universities, pharmacies, healthcare facilities or other health services. From this year, more pre-filled data has been added to income tax returns: now pre-compiled tax returns include many information on health services provided by psychologists, nurses, optician, obstetricians and radiologists. Furthermore, pre-filled data interest expenses for the renovation of apartment buildings. Overall, this process will allow to collect more than 800 million information. Specifically, 690 million of information will concern tax documents on health costs, included prescription and over-the-counter drugs; about 94 million involves insurance premiums; over 8 million are related to interest expense on mortgage banking; over 4 million are the information about supplementary personal protections; more than 3,4 million affect university costs and other 3,3 million concern social security contributions for domestic workers; finally, about 5,6 million data are tax documents for the renovation of apartment buildings. In case of errors, taxpayers can correct directly online their pre-filled tax return - included the one sent last year- minding the following deadlines: from May 2 until July 23 (for the 730 form) or until October 2 (for the Redditi form). 
How to access to the pre-filled tax return - The pre-filled tax return login access requires a personal pin code, that taxpayers can request online, on the Italian Revenue Agency website, or by the pertinent local offices. Moreover, they can use their personal smart card, their INPS account (the national social welfare institution) or their SPID one, that can be used across all national public administration platforms. 
How Italian Revenue Agency helps taxpayers - The Italian Revenue Agency has created a dedicated website - - in order to help taxpayers with the management of the pre-filled forms. Information and assistance related to income tax returns are also available on the customer service centers or by calling the information hotlines. The website includes also a list of answers to frequently asked questions (Faq) and several tutorial video are available one the Agency YouTube Channel, where the fiscal administration’s workers explain how to access to the pre-filled tax returns platform and accept or adjust it. 
Simplier tax obbligations - Pre-filled tax returns represent one of the most important tax simplification program implemented by Italy in the last years. It is intended to make the completion of electronically submitted income tax returns easier, faster, and more personalized. In this way, the risk of involuntary mismatch between tax returns and registers’ entries should reasonably be reduced, so it clearly simplifies the tax compliance procedure. Nonetheless, enabling to fulfill tax obligation in a simpler ways have been proven to enhance taxpayers competence and satisfaction.

Italy’s super and hyper depreciation allowance to stimulate the Industry 4.0
The Revenue Agency and the Ministry of Economic Development have set their fiscal clarifications on the two appealing measures, with 40% and 150% increased bonuses, from sensors to robots, and aiming at supporting the development in the high-tech sector
For new investments on tangible assets, the additional IRES depreciation, the so-called 'super depreciation', has been extended to FY 2017. In this respect, the purchase cost is increased by 40%, bringing the taxable basis of the asset to 140%. And that’s not all. In fact, for new investments carried out in FY 2017 in hi-tech, cloud, ultra-broad band, industrial robotics, digital manufacturing, IT security, etc., for tax depreciation a notional increase of the purchase cost of 150% has been introduced, bringing the IRES base of the asset to 250% , a sort of 'hyper depreciation' new fiscal rule. Understandably, specific supporting documentation is required to benefit from this provision. Particularly, for which categories of goods either the super or the hyper depreciation allowances are targeted? What kind of investments are rewarded and under what conditions? And to conclude, what are the tax deadlines and correct timing to be taken in mind by those individuals and enterprises eligible for the two bonus? These are only some of the questions answered by Circular n. 4, drafted jointly by the Italian Revenue Agency and the Ministry of Economic Development.
Additional depreciation for certain assets or “super depreciation” allowance - Italy Budget law for 2017 extended the extra 40% depreciation deduction (i.e. total tax depreciation of up to 140% of the cost) for tangible assets. The measure now will be applicable to new assets that are purchased, or leased under a finance lease agreement, by 31 December 2017. However, real estate assets, pipelines, “rolling stock,” airplanes and, as from 2017, company cars are excluded from the benefit.
How does it work? – Basically, the price of acquisition of new instrumental assets bought between 1 January 2017 and 31 December 2017 will be increased by 40%. This increase, named "superammortamento", affects the amortization deduction only from a tax point of view resulting in a higher amortization deduction.
On the timing of the tax measure: admitted a special extension till June 2018 – Even assets that are purchased by 30 June 2018 may benefit from the additional depreciation, provided the relevant purchase order is made and at least 20% of the purchase price actually is paid by 31 December 2017. The same for the extra 40% depreciation deduction.
Extra depreciation for certain high-technology assets or “hyper depreciation” - The Budget law for 2017 introduced also an extra 150% depreciation deduction, comparing with the standard deduction, a total tax depreciation of up to 250% of the cost for new assets acquired for the technological transformation of enterprises, under an initiative known as the Industry 4.0 plan that relates to plant, equipment and machinery whose operations are digitally controlled and/or operated by smart sensors and drives interconnected with a factory’s computer systems. A specific list of qualifying assets is attached to the law. Even this hyper-bonus is applicable to assets purchased from 1 January 2017 to 31 December 2017 (or 30 June 2018, provided the relevant purchase order is made and at least 20% of the purchase price actually is paid by 31 December 2017). Therefore, the timetable is the same applied to the super depreciation allowance.
Measuring the size of the tax savings resulting from super and hyper depreciation – Let’s start with a 1.000.000 € investment in Advanced Manufacturing Solutions. The amortizable value, resulting from the application of the super depreciation allowance, is equivalent to 140% of the purchase value, that is a 5 years tax reduction, equal to 96.000€. If we choose the hyper depreciation solution, the amortizable value is equal to 250% of the purchase value, that will imply a 5 years tax reduction equal to 360.000€.

FiscoOggi è una pubblicazione dell'Agenzia delle Entrate - Ufficio Comunicazione
Testata registrata al Tribunale di Roma il 19.9.2001 con n. 405/2001
Direttore responsabile Claudio Borgnino