Italian Decree Law no. 104 of 14.8.2020 (the so-called “August” Decree), containing urgent measures to support and relaunch the economy, was published in Ordinary Supplement no. 30 to Official Gazette no. 203 of 14.8.2020, and came into force on 15.8.2020. It is due to be converted into law by 13.10.2020. As such, the relevant provisions may be amended and/or supplemented by the conversion law.
Among the measures introduced by the new Decree, those of greatest significance to businesses include provisions concerning the employment relationship, extending the moratoria for SMEs and the lease payment tax credit, the introduction of a new grant for retail operators in the historic centres of tourist destinations, the option to further divide suspended tax and social security payments into instalments and deferral of payment of the second IRPEF / IRES and IRAP instalment for taxpayers subject to ISA (summary reliability indices).
The decree also reintroduces the opportunity to readjust the value of business assets, including for tax purposes, which also applies to shareholdings in subsidiaries and associated companies, through payment of a substitute tax.