The Council of Ministers of Italy approved the draft Budget Law for 2018 on 16 October 2017. The main tax measures according to the approved Budget law are as follows:
-incentives specifically on the temporary accelerated depreciation regime, the regional tax credit and other tax credits for expenses incurred for the improvement and refurbishment of immovable property will be maintained;
-reduction of social security contributions due by employers hiring, under certain conditions, new personnel will be introduced;
-the split payment system will be extended;
-Current VAT rates will not be increased;
The package will now be sent to the European Commission for review and at the same time begin its passage through parliament, where it must be approved by the end of the year.
