21 August 2020
21
August 2020

Law decree No. 104 dated August 14, 2020 - the so-called “August Decree” – includes some notable fiscal measures taken by the Italian Government for supporting the economy after the Covid 19 sanitary emergency. Here below, a brief summary of these measures that the decree includes.

2020 revaluation of business assets and shareholdings 
Italian resident companies, whose financial statements (FSs) are drafted, according to the Italian GAAPs, can re-revalue in the 2020 FSs assets and shareholdings accounted in the 2019 FSs.
The higher value will be recognized, from a fiscal perspective, as of January 1st 2021 for both corporate tax and regional tax purposes (globally amounting to approx. 28%) paying only a 3% substitute tax. The revaluation reserves can be distributed paying a 10% substitute tax.

Non-repayable grant for the catering sector
For the year ending December 31st 2020, a non-repayable grant is paid to companies operating in the catering sector. The contribution is due provided that the revenues for the months from March to June 2020 are less than 3/4 of the amount of the revenues of the same months of 2019.

Non-repayable grant for economic and commercial activities in historic centres
For 2020 FY, a non-repayable grant is paid to the economic and commercial activities in historic centres.
The contribution is due subject to the condition that the revenues referring to June 2020 are less than 2/3 of the amount of the revenues as of June 2019.
The amount of the contribution is determined by applying a percentage of the difference between the amount of turnover and fees referring to June 2020 and the amount of revenues for June 2019.

want to read more?

Related Posts

searchclosearrow-downcalendarchevron-downtwitterfacebookbarsellipsis-vyoutube-playinstagramcrossmenu