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Italy

8 October 2021

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Italy's Council of Ministers Approves Draft Tax Reform

Italy's Council of Ministers issued a release announcing its approval of a draft tax reform law during its meeting held 5 October 2021. Although specific details are not provided, the release does note the following main areas of reform:

  • Personal income tax reform, including the completion of the dual system for a distinction between capital income and employment income, with a reduction in the effective tax rates on employment income;
  • Corporate taxation (IRES) reform, including the simplification of IRES and a reduction in the obligations for businesses;
  • VAT reform, including the rationalization of the rates and bases with the goal of simplifying the management of VAT and reducing the level of tax evasion and erosion;
  • Regional tax on productive activities (IRAP) reform, including the gradual removal of IRAP; and
  • The replacement of regional and municipal taxes while maintaining equivalent revenue for regions and municipalities, which includes, among other things, making the local (municipal) real estate tax (IMU) a fully municipal tax.

Details of the reform law will be published once available.

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