The review of Irpef, the reduction of taxes on work, the attraction of companies and talents but also the collaboration in the evaluation with large and small companies: these are the first operational measures since January of the fiscal revolution written by the deputy minister of Economy Maurizio Leo to simplify the system, streamline procedures and improve the relationship with taxpayers, activating a virtuous circle of reducing the tax burden. After the green light was given in recent days to the first two legislative decrees on Irpef, Ires and international taxation, the ‘zero cost’ decrees on composition with creditors and cooperative compliance, among those in preparation, are expected to be finalized of the year.
IRPEF, LESS RATES LESS TAXES – Only for 2024, the Irpef bands and rates are updated from four to three in view of the flat tax for everyone. The maximum benefit corresponds to 260 euros net per year.
WITHOUT FISCAL AREA GOES UP TO 8,500 – The limit of the area exempt from taxation for workers increases from 8,145 to 8,500, making it equivalent to that of pensioners.
IRES, DISCOUNT IF YOU HIRE – Pending the full implementation of the IRES reform, a larger deduction of 20% will be introduced for 2024 for new permanent hires. The deductibility increases to 30% if the company decides to hire disadvantaged or disabled workers, women with at least two minor children or unemployed for at least six, under 30 years of age, NEET and former Citizenship Income beneficiaries.
HALF FOR THOSE REPORTING BUSINESS TO ITALY – Tax incentives are coming for business activities and self-employed workers who bring their activities back to Italy. A provision of the tax legislative decree provides for a 50% reduction in taxable profit for the purposes of IRPEF and IRAP for 5 years. The benefit must be returned with interest if it is transferred before the five-year period in question.
LOW TAXES FOR BRAINS – Taxes reduced by half, within a maximum income limit of 600 thousand euros, also for salaried or self-employed workers who will transfer their tax residence to Italy in 2024 for a maximum period of 5 years. Also in this case there are sanctions with reimbursement of the discount and interest in case of betrayal of the commitment to maintain tax residence for 5 years. However, the provisions already foreseen for researchers and university professors remain unchanged.
TAX ARRIVES FOR MULTINATIONALS – With the new Global Minimum Tax rules, multinationals with a consolidated turnover of 750 million euros will have to pay at least 15% effective tax. An intervention that aims to guarantee competitive parity between companies, reducing the distorting effects of the practice of big names in high technology, for example, of paying taxes in the countries where they establish their headquarters, thus obtaining a significant tax advantage.
AGREED BUDGET FOR SME – With the biennial preventive agreement for SMEs, it allows a tax base to be set for two years, excluding any additional income from taxation. The proposal in this sense would be made by the tax administration which, based on certain data available to it thanks to electronic invoicing, the interoperability of databases, artificial intelligence can now tell the taxpayer down to the smallest detail what their income is.
COOPERATIVE COMPLIANCE FOR LARGER COMPANIES – The rules under study on cooperative compliance aim to expand the range of access for taxpayers, lowering the entry limit to 100 million euros of turnover in accordance with circular hypotheses. The effects of rewards for virtuous contributors are also studied.
Source: IL Tempo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
