Italy approves FY2013 Budget Law [TAX ALERT]March 5, 2013
On 24 December 2012, the Italian Parliament approved Budget Law n.228/2012 (the Budget Law) for FY 2013.
The Budget Law was published on 29 December in the Italian Official Gazette n. 212 and came into effect on 1 January 2013.
The main tax measures include:
- Amendments to the “step-up election on participations” held by Italian companies
- Revamp of a step-up election on Italian participations held by non-residents
- Increase of personnel costs deduction from the IRAP (Italy’s regional tax on productive activities) base
- Increase of the standard Value-added Tax rate
- Introduction of the Financial Transaction Tax
Further details are available from the Ernst & Young Tax Alert which can be accessed using the link below:
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