On 16 March 2023, the Italian Council of Ministers declared tax reform plans, which involves a number of notable changes. The tax reform plans include the implementation of a lower corporate tax (IRES) rate of 15% for businesses that pledge to make investments that encourage economic growth and generate employment. To be eligible for the reduced rate, these companies must ensure that the profits that fall under this category are invested in qualifying projects within two years and are not distributed or utilized for purposes that are unrelated to their business operations.