OrbitaxItaly Converts VAT Reduction and Tax Credits to Offset Energy Costs into Law and Introduces R&D Credit for Certain Innovative Start-Ups
|Approved Changes|Italy
Italy published Law No. 56 of 26 May 2023 in the Official Gazette on 29 May 2023, which converts into law Legislative Decree No. 34 of 30 March 2023. Among other things, the Legislative Decree provided for a reduced VAT rate of 5% on natural gas consumed in the months of April, May, and June 2023, as well as a 20% tax credit for costs incurred in the second quarter of 2023 on electricity and …
Continue Reading
