The second package of tax measures for supporting the Italian economy in the context of the COVID-19 outbreak has finally been approved. Indeed, Law Decree No. 34 dated 19 May 2020 (“Rilancio Decree”) was converted into Law No. 77 on 17 July 2020, with a few amendments with respect to the prior version (which are highlighted in bold).

Beneficial tax measures helping individual and companies to face the COVID-19 outbreak will be commented upon therein, while tax incentives and measures affecting tax litigation activities will be explored in separate follow-up alerts.

The Rilancio Decree came into effect on 19 May 2020, while the amendments made at the time of the conversion into law highlighted in bold took effect from 19 July 2020.

The second package of tax measures for supporting the Italian economy in the context of the COVID-19 outbreak has finally been approved. Indeed, Law Decree No. 34 dated 19 May 2020 (“Rilancio Decree”) was converted into Law No. 77 on 17 July 2020, with a few amendments with respect to the prior version (which are highlighted in bold).

Tax incentives helping individuals and companies to face the COVID-19 outbreak will be commented therein, while beneficial tax measures and measures affecting tax litigation activities will be explored in separate follow-up alerts.

The Rilancio Decree came into effect on 19 May 2020, while the amendments made at the time of the conversion into law — highlighted in bold — took effect from 19 July 2020. 

In the late evening of 19 May 2020 Italian Government enacted Law Decree n. 34 (so-called “Rilancio Decree”) in order to boost Italian’s economy. The Decree came into force on May 19 and has to be converted into ordinary law within 60 days, any amendments may occur during the conversion process. This alert focuses on the main tax provisions introduced by the Decree, while tax incentive and tax litigation measures are explored in separate Alerts.