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Italy's Council of Ministers Approves State Budget for 2022 — Orbitax Tax News & Alerts

Italy's Council of Ministers has issued a release announcing its approval of the State Budget for 2022 during its meeting held 28 October 2021. Some of the tax measures noted in the release include:

  • The plastic tax and sugar tax are postponed until 2023;
  • The VAT rate on feminine hygiene products is reduced from 22% to 10%; and
  • The possibility of converting qualifying deferred tax assets into a tax credit is extended until 30 June 2022, which refers to deferred tax assets relating to tax losses and excess allowance for corporate equity in a qualifying business combination transaction.

Additional details of the budget measures will be published once available.