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Tax Pills

  • At the start the public consultation on new Consolidated Texts on Taxes set by Italian Revenue Agency

    Testi Unici

    It is the first step in the direction of a revision of tax rules under the banner of simplicity. Indeed, the public consultation of the new Consolidated Texts, drafted by the Internal Revenue Service in implementation of the provisions of the enabling act for Tax Reform, opens today and will continue until May 13. This is the beginning of a path whose landing place is the systematization of tax law through the determination of fixed points that will restore certainty to the intricate tax legislation that is constantly evolving. 

    Nine new Consolidated Texts are available for consultation 
    The proposed Consolidated Texts are organized by areas of expertise ranging from income taxes to VAT, and from collection to reliefs. Below is a list by individual topic: Income Taxes (link to pdf of the Consolidated Text); VAT (link to pdf of the Consolidated Text); Registration Tax and Other Indirect Taxes (link to pdf of the Consolidated Text); Minor Excise Taxes (link to pdf of the Consolidated Text); Compliance and Assessment (link to pdf of the Consolidated Text); Administrative and Criminal Penal Sanctions (link to pdf of the Consolidated Text); Tax Justice (link to pdf of the Consolidated Text); Payments and Collection (link to pdf of the Consolidated Text); Tax Concessions and Schemes for Particular Sectors. (link to pdf of the single text). 

    The purpose of the initiative 
    The goal of such an unprecedented effort is the reorganization of the more than 900 tax laws in terms of form and substance in order to ensure legal certainty and clarity in their application.

    How to send contributions 
    Interested parties have until May 13, 2024 to send their comments and proposed amendments, according to the scheme: topic, paragraph of the selected Consolidated Text, comments, contribution and purpose. At the end of the consultation, the Agency will publish the received contributions (except those containing request for non-disclosure) and evaluate them in order to possibly incorporate them into the final version of the document. 

    Stefano Latini

    URL: https://www.fiscooggi.it/tax-pills/articolo/at-the-start-the-public-consultation-on-new-consolidated-texts-on-taxes-set-by
  • New incentives for businesses provided by the Budget law 2024

    immagine generica illustrativa

    The last Budget Law, entered into force by 1 January 2024, has introduced many changes specifically tailored for businesses. Some of the most notable new fiscal measures include the following: the definition of a national budget for the SEZ tax credit for the South; the refinancing of the so-called “Nuova Sabatini” and the rearrangement of Development Contracts relating to industrial development projects.

    1.8 billion Extra-budget to fund SEZ tax credit – The incentive goes to companies investing in capital goods intended for production facilities located in southern Italy ZES. Particularly, the tax credit favours companies purchasing new capital goods for production facilities located in the regions of Campania, Apulia, Basilicata, Calabria, Sicily, Molise, Sardinia and Abruzzo. The amount of the incentive is up to 20 percent for small companies, 15 percent for medium-sized companies and 10 percent for large companies.

    “Nuova Sabatini” – This incentive is a subsidized financing measure designed to facilitate companies' access to credit. Particularly, it aims to improve the competitiveness of the country's productive firms. The measure received a refinancing of 100 million euros with the Budget Law 2024. The New Sabatini, or Industry 4.0, is certainly an excellent fiscal vehicle for companies investing in new equipment, machinery and software. Through the financing, firms can obtain the resources needed for purchases made to innovate firms’ production division.

    The more you hire the less you pay Bonus – Thanks to this measure, employers con benefit of higher deductions, from 120 percent up to 130 percent, for permanent hires of young people, women, workers in disadvantaged categories and former citizenship income recipients. The new Budget law has anticipated 1.3 billion to fund the relief.

    Industrial development contracts – The Development Contracts, constitutes the main national measure to support the realization of large investments and the implementation of national industrial policies (investments exceeding 20 million euros), whose management is entrusted to Invitalia, the Italian agency entrust for governing and monitoring investments.

    Stefano Latini

    URL: https://www.fiscooggi.it/tax-pills/articolo/new-incentives-for-businesses-provided-by-the-budget-law-2024