Further to conversion of Decree-Law 73/2021 (so-called Sostegni-bis Decree) into law 106 of 23 July 2021, the following tax news have been introduced.
The payment deadline for taxes due between 30 June and 31 August according to income tax, VAT and IRAP tax returns for taxpayers applying tax liability parameters (ISA), minimum and flat tax payers has been extended to 15 September 2021 without any increase (see July newsletter).
To this end, the Italian tax authority has provided clarification in its resolution 53/E as of 5 August 2021:
- it is not possible to postpone the payment due on 15 September 2021 by a further 30 days with an increase of 0.40%;
- however, payment by instalments is still possible (interest of 4% per year is due on the instalments due after 15 September 2021);
- the entire amount may be paid in monthly instalments (first instalment by 15 September 2021, without interest), by November;
- taxpayers, who have already started the payment by instalments according to deadlines prior to postponement may continue according to the initial deadlines; in this case, the deadlines for the instalments due between 30 May 2021 and 30 August 2021 are postponed (without interest) to 15 September 2021; any interest already paid that is no longer due following the postponement may be deducted from the interest due on subsequent instalments;
- in case of payment by several (freely chosen) instalments by 15 September 2021 without any instalment plan, the difference in balance may be paid either in one instalment (without interest) by 15 September 2021 or in a maximum of four instalments by November (first instalment by 15 September 2021 and with application of interests on the following instalments).
The resolution also specifies the deadlines and interest applicable (with specific tables) in case of payment by instalments, distinguishing between holders of a VAT ID and taxpayers without VAT ID participating in businesses subject to tax transparency scheme.
The payment deadline for instalments for the simplified settlement of tax claims entrusted to tax collection (so-called "rottamazione" and "saldo e stralcio") has been rescheduled.
The payment deadline for tax collection notices due between 8 March 2020 and 31 August 2021, even if they have already been deferred, has been postponed to 30 September.
RIDETERMINATION OF THE FISCAL COST OF LAND AND SHARES
The deadline for opting for the redetermination of the fiscal cost of land and unlisted shares owned by individuals as of 1 January 2021 has been extended from 30 June to 15 November 2021.
COVID-19 CONTRIBUTIONS AND INDEMNITIES EXLUDED FROM TAX RETURN
The exclusion for direct tax purposes of contributions and indemnities of any kind exceptionally granted as a result of the health emergency due to the spread of the COVID-19 virus is no longer subject to compliance with the limits and conditions set out in the European Commission Communication of 19 March 2020 C(2020) 1863 final "Temporary framework for State aid measures to support the economy in the current COVID-19 emergency". Hence, companies and professionals who have received said contributions and indemnities do not have to show the relevant amount in their tax return. Taxpayers who already sent the income ("REDDITI") and IRAP form according to the instructions provided, do not have to correct the submitted tax returns.
CONTRIBUTIONS TO LOSSES
Contributions to losses are granted to:
- holders of agricultural income pursuant to section 32 of Italian Tax Code (TUIR);
- taxpayers with proceeds or income of no less than EUR 10 million and no more than EUR 15 million in the second tax period prior to the one as of 25 July 2021,
and who meet the other requirements for the recognition of contributions foreseen by section 1 Law Decree 41/2021 and the other requirements foreseen by the "Sostegni-bis" decree.
Companies operating in the wedding, entertainment, party and ceremony organisation sector and in the food service and hotel industry are also granted contributions to losses. The terms thereof are to be defined by decree.
TAX CREDIT FOR LEASES
Regarding the tax credit for leases, the scope of application and the tax credit itself for non-residential property and business lease rentals has been extended.
TAX CREDIT FOR THE RESTORATION OF HISTORIC BUILDINGS
Owners under any title of buildings of historical and artistic interest under a preservation order pursuant to the Italian Cultural Heritage Code are granted a tax credit:
- for expenses incurred in 2021 and 2022 for the maintenance, protection and restoration of the above buildings,
- to the extent of 50% of the costs to be borne, up to a total maximum amount of said tax credit of EUR 100,000.
The tax credit is granted, if the building is not used for business purposes and may not be cumulated with other public contributions or financing nor with tax deduction provided for by section 15 (g) of Italian Tax Code (TUIR). The tax credit may be set-off or sold.