The Italian draft budget law for 2016 is currently under discussion. It is expected to be approved by 31 December 2015. A series of tax matters included in the draft budget one of which is the reduction of the corporate tax rate by 3 percentage points (i.e., from 27.5% to 24.5%) for fiscal year (FY) 2016 and by 3.5 percentage points (i.e., from 27.5% to 24%) for FY 2017. The other measures are:
- Acceleration of the amortization period of stepped-up intangible assets including goodwill
- 40% extra-depreciation of certain tangible assets purchased between 15 October 2015 and 31 December 2016
- One-off opportunity for nonresident companies to step up Italian participations
- One-off asset step up
- Corporate tax incentive for the sale or assignment of real estate and registered movable property to shareholders
