da Marco Vergani | Feb 8, 2025 | Crypto, Taxation in Italy
The 2025 Budget Law (Law No. 207/2024) introduces several significant changes to the taxation of crypto assets in Italy.
1. Confirmation of the 26% Substitute Tax
Article 1, paragraph 23, explicitly states that capital gains and other income related to crypto assets are subject to a 26% substitute tax, aligning them with other financial instruments. While this provision appears to clarify the applicable tax rate, some experts believe it may also have retroactive implications, affecting past transactions and gains.
2. Increase in the Tax Rate to 33% (from 2026)
Starting January 1, 2026, the substitute tax rate on crypto-related gains will increase to 33%. This applies to all taxable crypto transactions, including sales, swaps, and holdings. The increase will also affect taxpayers who opt for the administered or managed savings regime, making crypto investments subject to higher tax burdens. Some observers view this as a reflection of the government’s stricter stance on cryptocurrencies.
3. Removal of the €2,000 Tax Exemption
Previously, crypto capital gains below €2,000 per tax year were exempt from taxation. The new law eliminates this threshold, meaning all crypto-related gains, regardless of their amount, must now be declared and taxed. This change is expected to particularly affect small investors, including younger individuals who often engage in minor crypto transactions.
4. Elimination of the €2,000 Deduction Limit for Loss Carryforward
Under the previous system, crypto-related losses exceeding €2,000 could be carried forward to offset future gains. The new law removes this limit, allowing taxpayers to deduct all their crypto losses from future gains, provided they report them in their tax return for the relevant period.
5. Reintroduction of Tax Step-Up for Crypto Assets
The law also reintroduces an optional tax step-up (affrancamento), allowing investors to adjust the fiscal value of their crypto holdings as of January 1, 2025, by paying a substitute tax of 18%. This is similar to the 2023 step-up scheme, but with a higher tax rate (previously 14%). Investors choosing this option must pay the tax by November 30, 2025, either in a single installment or in three annual payments with 3% interest on the deferred amounts.
Conclusion
The new tax measures significantly tighten the fiscal framework for crypto assets, increasing tax rates, removing exemptions, and requiring more comprehensive reporting. While these changes aim to enhance tax compliance and government revenues, they could also impact Italy’s crypto market by discouraging smaller investors and increasing regulatory burdens.
da Marco Vergani | Gen 24, 2025 | Start-up, Startup, Taxation in Italy
Law No. 162 of October 28, 2024, introduced new provisions to promote and develop innovative start-ups and small and medium-sized enterprises (SMEs) in Italy, facilitating access to tax incentives for investments. Specifically, the law modifies the tax relief system and introduces the possibility of obtaining a tax credit for excess deductions, aiming to prevent the loss of previous benefits.
Law No. 162/2024 is part of a broader context of previous legislation, such as Decree-Law No. 179/2012 and Decree-Law No. 3/2015, which already provided a range of incentives for investors in venture capital for start-ups and innovative SMEs. Among the main incentives were IRPEF and IRES deductions, exemption from stamp duties and registration fees, and the tax exemption of capital gains derived from the sale of shares in innovative start-ups.
Modifications and Innovations Introduced by Law No. 162/2024
- Exemption from Capital Gains Tax: The new law changes the tax treatment of capital gains resulting from the sale of shares in innovative start-ups and SMEs. Capital gains from the sale of shares or stakes in innovative start-ups purchased between June 1, 2021, and December 31, 2025, and held for at least three years, are no longer subject to tax. However, this benefit applies only to investments that enjoy the tax deductions provided under Article 29 of Decree-Law No. 179/2012, excluding those under the de minimis regime (50% deductions). The same exemption applies to innovative SMEs, provided they meet the criteria set by the EU Regulation.
- Tax Credit for Excess Deductions: Law No. 162/2024 introduces a significant modification regarding the excess deductions in the case of insufficient tax liability. If the amount of deductions exceeds the tax owed, the taxpayer can receive a tax credit that can be used to offset other taxes or as compensation through the F24 form. This new provision allows the credit to be used without any time limits for recovery, unlike previous regulations, which limited the duration to three years.
- Resolution of Issues with the 2025 Budget Law: A potential coordination issue with the 2025 Budget Law, particularly with the new Article 16-ter of the Consolidated Income Tax Law (T.U.I.R.), which limited some tax deductions for taxpayers with an overall income over €75,000, has been resolved. The incentive for investments in innovative start-ups and SMEs was excluded from the calculation of the amounts subject to limitation, allowing full access to the incentives.
- Tax Credit for Incubators and Accelerators: Another important innovation concerns certified incubators and accelerators, which, starting in 2025, can benefit from a tax credit equal to 8% of the investment made in the share capital of innovative start-ups. The maximum investment on which the credit is calculated is €500,000, and it must be held for at least three years. The contribution is subject to an overall spending cap of €1.8 million per year. The tax credit will be regulated by a ministerial decree, which will establish the criteria and methods of application.
- Management of Excess Deductions under the De Minimis Regime: Law No. 162/2024 introduced significant changes to the use of IRPEF deductions for investments made in start-ups and innovative SMEs under the de minimis regime. Until 2023, if the investment was lower than the tax owed, the excess could be recovered in subsequent tax periods. Under the new law, the excess, if greater than the tax, is converted into a tax credit, which can be used for compensation or in the tax return.
In conclusion, Law No. 162/2024 represents an important step in supporting innovative start-ups and SMEs, introducing measures that enhance the effectiveness of tax incentives and simplify the enjoyment of benefits for investors. Despite some challenges related to timing and conditions for accessing the benefits, the changes are generally favorable, expanding growth opportunities for innovative businesses in Italy.
da Marco Vergani | Gen 12, 2025 | Fiscalità, Taxation in Italy
Con la circolare n. 20/E del 4 novembre 2024, l’Agenzia delle Entrate ha fornito chiarimenti sulle modifiche introdotte dal D.Lgs. n. 209/2023 in materia di residenza fiscale, in attuazione della Legge delega per la riforma fiscale. Le novità riguardano sia le persone fisiche che le società ed enti, con l’obiettivo di allineare la normativa italiana alle migliori prassi internazionali e garantire maggiore certezza giuridica.
Principali Obiettivi della Riforma
La riforma persegue due finalità principali: armonizzare la disciplina fiscale con le convenzioni internazionali e ridurre il contenzioso. Tuttavia, l’effettivo raggiungimento di questi obiettivi dipenderà dalla prassi applicativa. Le modifiche hanno un impatto significativo, poiché il requisito della residenza fiscale determina il presupposto impositivo per un sistema basato sul principio della tassazione del reddito mondiale.
Novità per la Residenza delle Società ed Enti
Il nuovo comma 3 dell’art. 73 del T.U.I.R., riscritto dal decreto, stabilisce che una società o un ente si considera residente in Italia se, per la maggior parte del periodo d’imposta, possiede almeno uno dei seguenti collegamenti:
- Sede legale nel territorio italiano.
- Sede di direzione effettiva, intesa come il luogo dove vengono assunte in modo continuo e coordinato le decisioni strategiche.
- Gestione ordinaria in via principale, ossia il luogo dove si compiono in maniera continua e coordinata gli atti di gestione corrente.
Questi nuovi criteri sostituiscono quelli della “sede dell’amministrazione” e dell’”oggetto principale”, che generavano incertezze interpretative.
Sede di Direzione Effettiva
Questo criterio identifica il luogo in cui vengono prese le decisioni strategiche della società nel suo complesso, escludendo le attività di supervisione o monitoraggio dei soci. La Relazione illustrativa sottolinea che questa definizione si allinea al concetto internazionale di “place of effective management” adottato dal Modello OCSE.
La Circolare evidenzia che lo sviluppo tecnologico ha reso più complesso individuare il luogo delle decisioni strategiche, spesso scisso dal luogo delle attività operative. Tuttavia, viene ribadita la necessità di una valutazione caso per caso.
Gestione Ordinaria in Via Principale
Questo criterio si riferisce al luogo in cui vengono svolti gli atti quotidiani di gestione aziendale. Anche in questo caso, la Circolare sottolinea l’importanza di valutare le specificità organizzative della società, senza fornire una lista esaustiva degli atti rilevanti.
Pur essendo un criterio alternativo rispetto alla sede di direzione effettiva, la sua indeterminatezza rischia di compromettere l’obiettivo di maggiore certezza giuridica.
Criticità Applicative
Un aspetto controverso è l’accertamento della residenza fiscale basato su elementi fattuali, che, secondo l’Agenzia, non può essere oggetto di interpello. Questa posizione, già consolidata, limita le possibilità per i contribuenti di ottenere indicazioni preventive, aumentando potenzialmente l’incertezza giuridica.
Inoltre, la scelta di mantenere la verifica della residenza su base annua, anziché puntuale (come avviene in molti Paesi OCSE), potrebbe generare casi di doppia imposizione o doppia non imposizione. Ad esempio, il trasferimento della sede legale o della direzione effettiva durante l’anno può essere trattato diversamente dagli ordinamenti esteri, causando disallineamenti.
Conclusioni
Le modifiche introdotte dal D.Lgs. n. 209/2023 rappresentano un passo avanti verso l’armonizzazione con le prassi internazionali. Tuttavia, permangono criticità applicative che potrebbero ostacolare l’obiettivo di maggiore certezza giuridica.
Sarà essenziale monitorare l’evoluzione della prassi amministrativa per comprendere l’impatto concreto delle nuove regole e favorire un’applicazione uniforme, soprattutto in relazione ai nuovi criteri di direzione effettiva e gestione ordinaria.
da Marco Vergani | Ott 3, 2024 | Taxation in Italy
In recent years, Italy has sought to attract talent and High Net Worth Individuals (HNWI) to stimulate investment and bring economic benefits to the country. In this effort, the tax regime plays a crucial role, as favorable tax policies can make Italy more competitive compared to other countries. Italian tax laws offer benefits to those who transfer their tax residency to Italy, providing advantages to both those returning after living abroad and individuals relocating to Italy for the first time.
There are various types of tax incentives. Some focus on work performed in Italy by offering tax exemptions on income earned within the country, such as the regime for returning workers recently amended by Legislative Decree no. 209/2023. Others provide benefits for income earned abroad, such as Article 24-ter of the Italian Income Tax Code (TUIR), which establishes a 7% flat tax for foreign pensioners moving to certain towns in southern Italy, or Article 24-bis, which offers a substitute flat tax for foreign-sourced income. The latter has recently seen an increase in the flat tax from €100,000 to €200,000 per year.
The regime under Article 24-bis is intended for individuals who transfer their tax residency to Italy after being non-resident for at least 9 out of the previous 10 years. These individuals can opt for a flat tax on foreign-sourced income, with exceptions such as capital gains from the sale of qualified foreign shares made within the first five years after relocating. The regime can last up to 15 years and can also be extended to family members, for whom the flat tax is reduced to €25,000 per year.
However, income earned in Italy remains subject to regular taxation. Foreign-sourced income that qualifies for the flat tax includes real estate income (from properties abroad), self-employment income (from work performed abroad), capital income (from foreign payers), business income (from foreign permanent establishments), and miscellaneous income (from activities or assets located abroad). Employees working abroad for a person who opts for the Article 24-bis regime are also considered to have foreign-sourced income.
In some cases, the taxpayer can choose to exclude income earned in specific countries from the flat tax, but this applies to all income from those countries. The regime offers additional benefits, such as exemption from fiscal monitoring of foreign assets and investments, exemption from the tax on the value of foreign real estate (IVIE), and the tax on foreign financial investments (IVAFE), as well as exemption from inheritance and gift taxes on foreign assets.
The recent legislative change introduced by Decree-Law 113/2024 raised the flat tax to €200,000 but left the other aspects of the law unchanged. This increase applies to individuals who move their residency to Italy after August 10, 2024, while those who relocated earlier remain under the previous €100,000 regime. However, this change may discourage some potential new residents who had planned to relocate based on the lower flat tax.
It is uncertain whether this flat tax increase will lead to higher fiscal revenue or if it will instead slow down the flow of HNWIs to Italy, potentially benefiting other countries with more favorable tax regimes, like Greece, Malta, or Spain. Before the change, over 2,000 HNWIs were expected to move to Italy, but this number may now decrease, reducing the potential €200 million annual revenue increase. If the number of new entrants falls to 1,000-1,500, the resulting tax revenue would be between €100 million and €150 million, though the broader economic impact from lost investments could be substantial.
Despite the flat tax increase, the regime remains appealing to many HNWIs due to the significant tax savings and additional benefits, such as exemption from fiscal monitoring, wealth taxes, and foreign inheritance taxes, as well as the ability to extend the benefit to family members. Family groups, particularly business families, could find the regime attractive, as they can relocate together and benefit from the reduced flat tax for family members.
However, some issues still need to be addressed to make Italy a more attractive destination. For example, greater clarity on the intersection between the preferential regime and business tax matters would be useful. Additionally, some formal rigidities, such as strict deadlines for flat tax payments, could be eased.
In conclusion, the flat tax increase to €200,000 is a significant adjustment in Italy’s strategy to attract wealthy individuals, but it remains to be seen whether it will lead to success or if other countries will reap the benefits instead.
da Marco Vergani | Gen 8, 2024 | Digital tax, Fiscalità, Taxation in Italy
The legislative decree no. 209 of December 27, 2023, implementing Article 3, paragraph 1, letters c), d), e), and f) of Law 111/2023 (delegated law on tax reform) concerning international taxation, has been published in the Official Gazette 301 of December 28, 2023.
It encompasses, in particular, articles 8 to 60 and includes the transposition of EU Directive 2022/2523 on global minimum taxation, introducing the so-called global minimum tax, which takes effect from the financial years starting from December 31, 2023, the deadline set for the directive’s transposition.
Entities subject to this regulation are large corporate entities located in Italy that are part of a multinational or national group with annual revenues equal to or exceeding 750 million euros, as shown in the consolidated financial statements of the controlling parent company in at least two of the four immediately preceding financial years.
The mechanism involves three forms of minimum tax:
Income Inclusion Rule (Iir): This is the supplementary tax due from a parent company concerning group companies that are subject to an effective tax rate lower than 15% in the country of residence. The Iir is applied starting from the top of the participatory chain.
Undertaxed Payments Rule (Utpr): If the supplementary tax is not collected through the Income Inclusion Rule, the Undertaxed Payments Rule serves as a backstop measure. It applies under specific circumstances where the supplementary tax is not or only partially collected through the Income Inclusion Rule.
Qualified Domestic Minimum Top-Up Tax (Qdmtt): This comes into play when companies operating in Italy within a group result in an effective tax rate below the minimum 15%. It is a discretionary measure allowed by the directive and applied by Italy, where countries can introduce a national minimum tax.
The mechanism operates in three phases: first, the supplementary tax is levied by the country where the multinational group’s companies are subject to low taxation, if that country has chosen to introduce a qualified national minimum tax (Qdmtt); second, the supplementary tax is levied by the country where the direct or indirect participant is located, taking into account any amounts collected through a national minimum tax (Iir); finally, the Undertaxed Payments Rule (Utpr) is applied by countries adopting Globe rules, where the multinational group is present with other companies, in cases where the supplementary tax due for companies subject to low taxation has not been collected or has been collected only in part.
The calculation is based on the net accounting profit or loss for the financial year, calculated in accordance with the accounting principles used by the controlling parent company for the consolidated financial statements, before consolidation adjustments. Various adjustments are made, and typical transfer pricing rules apply to transactions between entities in different states, as well as typical rules for the permanent establishment’s statement in relationships between the permanent establishment and its head office.
The annual declaration must be submitted within the fifteenth month following the closing of the financial year to which the declaration refers (transitionally within the eighteenth month for the first financial year). Therefore, entities subject to this regulation will submit the annual declaration for 2024 by June 30, 2026, and for 2025 by March 31, 2027. Payments are made in two installments, with 90% due within the eleventh month following the last day of the reference financial year, and the remaining 10% due within the month following the deadline for the annual declaration.
da Marco Vergani | Dic 3, 2023 | Pareri, Taxation in Italy
Un attore americano è stato assunto per interpretate alcuni ruoli in una produzione video curata da una azienda web italiana. Come deve essere trattato dal punto di vista fiscale il compenso corrisposto all’attore tenuto conto che il suo agente afferma di non poter emettere fattura in questo caso?
Nella prassi contabile e fiscale degli Stati Uniti non è previsto l’obbligo di emissione di fattura per prestazioni di servizi. Dal punto di vista della normativa italiana, se le riprese cinematografiche avvengono in tutto o in parte in Italia, si applicherà l’art. 7-quinquies del Dpr 633/72 con il conseguente obbligo per il soggetto che effettua il pagamento all’attore di emettere autofattura ai sensi dell’art. 17, comma 2, Dpr 633/72.
Per quanto riguarda le imposte dirette, qualora le prestazioni artistiche siano svolte in Italia, è applicabile la ritenuta del 30% a titolo di imposta sui compensi corrisposti (art. 25, comma 2, Dpr 600/73). Resta salva, comunque, l’applicazione della convenzione contro le doppie imposizioni tra Italia e Stati Uniti in base alla quale i redditi che un residente di uno Stato contraente (Usa) ritrae dalle sue prestazioni personali svolte nell’altro Stato contraente (Italia) in qualità di artista di cinema sono imponibili in detto altro Stato (Italia) se l’ammontare degli introiti lordi percepiti da tale artista, comprese le spese rimborsategli o sostenute per suo conto, in relazione a tale attività eccede 20.000 dollari Usa (o il suo equivalente in Euro) nell’anno fiscale considerato, o se tale artista soggiorni in tale altro Stato (Italia) per un periodo o periodi che oltrepassano in totale 90 giorni nell’anno fiscale considerato.
Di conseguenza qualora l’attore percepisca nell’anno piu’ di 20.000 dollari (comprensivi dei rimborsi spese) oppure, sempre nell’anno, soggiorni in Italia complessivamente piu’ di 90 giorni, l’intera somma (comprensiva dei rimborso spese) dovrà essere assoggettata a ritenuta del 30 per cento. Diversamente, qualora non si oltrepassino i citati limiti, non dovrà essere applicata alcuna ritenuta, a fronte dell’acquisizione di un certificato di residenza fiscale negli Stati Uniti, rilasciato dalle autorità fiscali americane.
