Italy: Tax measures separately accompanying Budget Law for 2020 in “tax decree”

Italy: Tax measures separately accompanying Budget Law

Law Decree no. 124 of October 2019 was “converted” into law in late December 2019.


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Among the income tax-related measures in the “law decree” are the following items:

  • Specific rules introduced with regard to the transfer of tax liabilities to a third party and a rule blocking the use of offsets
  • Changes to the tax offsetting rules (under which tax credits declared in income tax and regional tax on productive activities (IRAP) returns can be offset)
  • Changes to the tax treatment of trusts

The law decree also sets forth measures concerning:

  • The time for taxpayers to resolve or settle their tax debts without penalties or interest
  • Property tax on offshore platforms when located within 12 miles of Italy’s coast
  • Increased penalties for criminal tax violations

Read a January 2020 report [PDF 215 KB] prepared by the KPMG member firm in Italy

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