Italy: Amendments to direct and indirect tax rules effective 1 January 2024
The 2024 budget law includes amendments to certain direct and indirect tax rules effective 1 January 2023.
Amendments to direct and indirect tax rules effective 1 January 2024
The 2024 budget law (Law no. 213, dated and published 30 December 2023) includes amendments to certain direct and indirect tax rules effective 1 January 2023.
Changes to direct taxation
- Deferred deduction of remaining installments of loan losses of banks, financial institutions, and insurance companies
- Revaluation of the acquisition cost of land and shares traded / not traded on regulated markets
- Opening stock adjustments
- Limit on the possibility of using tax credits to offset tax liabilities
Changes to indirect taxation
- Increased value added tax (VAT) rates for baby products, feminine hygiene products, and baby car seats
- Postponement of the plastic tax and sugar tax to 1 July 2024
Decree Law No. 145/2023 provides for a reduced VAT rate of 10% for food supplements effective 17 December 2023.
Read a January 2024 report [PDF 298 KB] prepared by the KPMG member firm in Italy
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.