Tax News Update    Email this document    Print this document  

February 9, 2023
2023-0248

Italy approves Budget Law for 2023

On December 29, 2022, the Italian Government approved the Budget Law for 2023 that entered into force as of January 1, 2023. There has been an extension to the flat-tax rate scheme for individuals engaged in business, arts, or professions (so-called “Regime forfettario”). In this regard, the maximum amount of profits which are eligible for this scheme has been increased from €65,000 to €85,000. For the first time a comprehensive set of tax rules has been introduced for crypto assets. In particular, gains from the redemption, sale, exchange, or holding of crypto-assets – with a threshold of exemption equal to €2,000 will be subject to a 26% tax rate. The new law provides that capital gains realized by foreign investors from the disposal of shares in a non-resident company or entity whose total value comprises more than 50%, at any time during the 365 days before the transfer, from the direct or indirect investment in Italian real estate assets, are taxed at a rate of 26%.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

———————————————
ATTACHMENT

Full text of Tax Alert

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement