The Government of Italy increased the advance income tax payment due for fiscal year 2013 and delayed the deadline for the payment of the second installment via Law Decree 133/2013 dated 30 November 2013.
The increase of overall advance payment due for fiscal year 2013 is 101% to 130% for banks, financial entities and insurance companies and 101% to 102.5% for companies in general.
The second installment payment is originally due by 2 December 2013 but at present it is due by 10 December 2013 both for corporate income tax generally levied at 27.5% and regional tax on productive activities generally levied at 3.9% and at 5.57% for banks and other financial entities.
An IRES surcharge of 8.5% for banks, financial entities and insurance companies has been introduced by Law Decree 133/2013 which will be imposed at 36% corporate income tax rate only for fiscal year 2013.
