Decreto-Legge n 66/2014 which was published on 24 April 2014 reduces the rates of the regional tax on productive activities (IRAP). This amendment is awaiting ratification from parliament within 60 days but could be subject to further alterations before approval. The standard rate of IRAP is reduced from 3.9 percent to 3.5 percent and the other rates applying to different sectors such as banks and insurance companies are also reduced by around 10 percent. The reductions apply from FY 2014. It should be noted that the regions of Italy have the power to change the standard IRAP rate by up to 0.92 percent.
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