ITALIAN DECREE LAW NO. 73 OF 25.5.2021 (SO-CALLED “SOSTEGNI-BIS” DECREE) – MAIN NEW TAX MEASURES

In brief

By way of Italian Decree Law no. 73 of 25.5.2021 (so-called “Sostegni-bis” decree), published in O.J. no. 73 of 25.5.2021 and that entered into force on 26.5.2021, additional measures were introduced in favour of undertakings, economic operators, workers and families to respond to the COVID-19 epidemiological crisis.

Italian Decree Law 73/2021 is currently being converted into law, and the relevant provisions are subject to amendments and supplements.

The main new measures contained in the Decree include:

  • the introduction of a new non-repayable grant;
  • the extension of the tax credit applicable to rent for non-residential use;
  • the introduction of a tax credit for unsold inventory in the textile and fashion industry;
  • temporary increase of the deduction for increase in invested capital (so-called “allowance for corporate equity” or ACE);
  • increase to € 2 million of the annual threshold for offsetting tax receivables / requesting a refund into the tax account (so-called conto fiscale);
  • bringing forward the moment at which amendment notes can be issued for VAT purposes in the context of insolvency proceedings;
  • the further extension of payment terms for tax notices; provision for relief in relation to financing.

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