CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. EU Approves Italian COVID-19 Tax Breaks

EU Approves Italian COVID-19 Tax Breaks

by Ulrika Lomas, Tax-News.com, Brussels

03 July 2020


The European Commission has approved under state aid rules four Italian tax schemes to support companies and self-employed workers affected by the coronavirus outbreak.

Italy notified the Commission under the Temporary Framework for state aid four measures with an overall estimated budget of EUR7.6bn, which waive certain taxes and provide tax credits for companies and self-employed workers.

The Italian Government will provide a partial waiver of the regional tax on production activities (IRAP) for companies and self-employed workers with revenues not exceeding EUR250m in 2019. Banks and other financial institutions are excluded from the scheme. There will be an exemption from the municipal tax (IMU) for touristic properties used for commercial purposes.

Tax credits will be made available to support the adaptation of production processes and workplaces to reduce the risk of spreading COVID-19. Tax credits will also be made available for certain companies and self-employed workers (depending on the level of revenues) in relation to rents and leases for non-residential properties and business leases for the period between March and June 2020.

The Commission concluded that the measures are necessary, appropriate and proportionate to remedy a serious disturbance in the economy of an EU member state, in line with state aid rules.

TAGS: tax | business | European Commission | budget | tax credits | travel and tourism | self-employment | Italy | European Union (EU) | Europe

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »