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.