During their meeting held on 7 August 2024, Italy's Council of Ministers approved a decree-law introducing various "urgent fiscal measures". One of the main measures is an increase in the substitute tax on income produced abroad under the flat rate regime for individuals who transfer their tax residence to Italy from EUR 100,000 to EUR 200,000 euros per year. The flat tax rate applies to the first 15 years after Italian tax residency is acquired. The increase will apply for new residents after the decree-law enters into force. It will not apply to existing residents taxed under the regime.