The Council of Ministers approved the legislative decree for the revision of Irpef and Ires in the morning.
This was announced in a note by the Deputy Minister of Economy and Finance Maurizio Leowho added: “The provision intervenes on the determination of income, both of natural and legal persons, with changes that affect the different income categories”.
Income from self-employment
Going into specifics, the deputy minister stated that as regards income from self-employment “this income category is rationalized with a substantial simplification of the system, bringing it closer to that of business income. Furthermore, the possibility is introduced for professional firms to join together under a tax neutrality regime. This measure promotes the growth and competitiveness of professionals.” Furthermore, starting from 2024, the principle of all-inclusiveness. They do not produce self-employment income and are non-deductible for those who support them expense reimbursements analytically charged to the client (travel, food, accommodation), in addition to chargebacks for common use of the properties used in professional activity (utilities).
As regards depreciation, there will be a reduction of half the amount of depreciation deductible in the 1st tax period; the deductibility of the residual cost of the asset not yet fully depreciated in the event of elimination from the business. For i intangible assets the cost amortization quotas will see the rights to use industrial patents have a deductibility of up to 50%; for other rights of a multi-year nature, deductible in an amount corresponding to the duration of use provided for by the contract or by law.
Income from employment
As regards income from employment, the contributions and premiums paid by the employer will therefore not contribute to forming the income from employment, also in favor of the tax dependent family members of the employeesfor insurance policies regarding the risk of non-self-sufficiency and serious pathologies. For trips within the municipality, reimbursements for documented travel and transport expenses do not compete with the income.
Agricultural income
Another intervention concerned agricultural income: here the mechanism for determining agricultural income was expanded for new production techniques not focused on the direct exploitation of the land. In particular, “rules have been introduced that enhance innovative crops, such as vertical farms and hydroponic crops. The objective is to support technological and modern agriculture, which keeps our country in step with the times, also from a fiscal point of view,” said Leo.
Business income
Business income has also been revised, with the reduction of the double civil-fiscal track and the revolution of the system for carrying forward intragroup losses. This was done to align Italy with European standards.
Touch-ups too realignment regimes: regarding the Global balance (the algebraic sum of differences between accounting/fiscal values of the asset elements) if positive the taxation will be separated with the ordinary IRES and IRAP rate; if negative there will be a deduction in equal amounts in the year in which the option is exercised and in subsequent years. For them Individual casesif the balance is positive there will be a substitute tax of 18% IRES and 3% IRAP; if negative it will be non-deductible.
Among other provisions, we highlight the extension of the Tonnage taxor the tax relief available to maritime companies under certain conditions, which consists in the possibility of determining on a flat rate the taxable income deriving from the use of ships in international traffic. The extension was made by mutual agreement with the EU Commission. In this way “shipping companies are given the opportunity to benefit from this important regime, which would otherwise have expired”. “We also intervene on the rates of shell companies, with particular attention to the determination of income for real estate and participation companies,” adds Leo.
“With this decree – he concludes – the government continues the path towards the construction of a more modern and efficient tax system, confirming the commitment made with citizens for a structural reform in line with the needs of the country and businesses. This is the fourteenth legislative decree definitively approved, to which are added the three consolidated texts already published in the Official Journal”.
