G7 finance ministers pledge for a fairer global tax system
The G7 Finance Ministers and central bank governors held a meeting from 23–25 May, 2024, at Stresa, Italy, during which they issued a Communiqué reaffirming their commitment to creating a more stable and equitable international tax system. The
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Treaty on global minimum tax on multinationals fails to conclude
Italy's Economy Minister Giancarlo Giorgetti announced today, May 24, 2024, that the agreement on a global minimum tax on multinationals will not be concluded by June, as initially anticipated. The agreement will not receive approval from all
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Italy introduces tax credit for recycled plastic purchases
Italy's Ministry of Environment and Energy Security published Decree of April 2, 2024 in the official gazette on 21 May, 2024, outlining the implementation of a 36% tax credit for expenses related to purchasing recycled plastic products and
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Italy adopts transitional safe harbours for Pillar Two global minimum tax
On Monday, 20 May, 2024, Italy’s Ministry of Economy and Finance announced the “Decree of 20 May 2024” which states the simplified transitional regimes (safe harbours) for multinational and national groups subject to the Pillar Two global
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Italy offers tax credit for investments in simplified logistics zones
Italy published Decree-Law No. 60 of 7 May 2024 in the Official Gazette on 7 May, 2024, addressing urgent provisions for the European Union's cohesion policy. This decree introduces tax credits for investments in simplified logistics zones (ZLS);
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Italy introduces CFC substitute tax measures
Italy’s Revenue Agency has published provisions for Controlled Foreign Company (CFC) substitute tax option, released as part of Legislative Decree No. 209 of 27 December 2023. Legislative Decree No. 209 outlines measures for adopting the Pillar
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Italy simplifies income tax and withholding compliance with new return deadlines
On 11 April 2024, Italy’s Revenue Agency announced it released Circular 8/E to clarify the simplification of tax return compliance under Legislative Decree No. 1 of January 2024 or the "Compliance Decree." The Circular provides simplification
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Italy announces new corporate tax return deadline
Italy has announced new guidelines and procedures for corporate tax return filings for 2024 regarding the tax year 2023. The main change relates to the revised deadline for filing returns as per the corporate tax (IRES) returns. The new
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Italy issues annual VAT return form for 2024
Italy’s Revenue Agency released the Annual VAT Return Form for filing in 2024 on the tax year 2023. As of now, the return form and filing instructions are only available in Italian, but the tax authorities will soon release the forms in various
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Italy provides clarification on personal income tax reform
On 6 February 2024, Italy’s Revenue Agency issued Circular No. 2/E, which provides clarification on the enforcement of Legislative Decree No. 216 of 30 December 2023 concerning personal income tax reform and other tax measures. This
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Italy: Deadline for initial DAC7 reporting extended
On 30 January 2024, Italy’s Revenue Agency released the Provision (Measure) of 30 January 2024. This legislation is related to the implementation of new regulations regarding the exchange of income information from sellers on digital platforms
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Italy enforces pillar two global minimum tax
On 28 December 2023, Italy published the Legislative Decree n. 209 dated 27 December 2023 in the Official Journal. The Decree announces the implementation of the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022) in
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Italy announces new deadline for transfer pricing documentation
On 12 January 2024, Italy published the Legislative Decree no. 1/2024 in the Official Gazette. The Decree details the simplification and rationalization of certain tax rules, including introducing a new tax calendar. From 2 May 2024, taxpayers
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Italy: 2024 budget law includes new tax credit and exemption for capital gains
On 30 December 2023, Italy issued Law No. 213 of 30 December 2023 concerning the State Budget for 2024 and the multi-year budget for 2024-2026. Some key tax measures include: Personal income tax brackets have been reduced from 4 to 3 by
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Italy releases draft tax returns and rules for 2024
On 22 December 2023, the Italian Revenue Agency published the draft tax return forms and instructions for filing in 2024. The tax return forms include the personal income tax return, the corporate tax return, the partnership tax return, the regional
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Italy approves pillar 2 global minimum tax
On 19 December 2023, Italy’s Council of Ministers issued a press release in which it passed the legislative decree for implementing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. This includes the
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Italy: CFC rules related to GloBE pillar 2 amended to include 15% tax rate option and substitute tax
On 19 December 2023, Italy's Council of Ministers passed a legislative decree to enforce the tax reforms related to international taxation. This includes implementing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14
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Italy implements DAC7 requirements for digital platform operators
The Italian Revenue Agency has declared the release of the Provision of 20 November 2023, outlining the execution of updated reporting and information exchange of information requirements pertaining to income generated by sellers utilizing digital
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