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Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

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Italy: Amendments to direct and indirect tax rules effective 1 January 2024

The 2024 budget law includes amendments to certain direct and indirect tax rules effective 1 January 2023.

January 31, 2024

The 2024 budget law (Law no. 213, dated and published 30 December 2023) includes amendments to certain direct and indirect tax rules effective 1 January 2023.

Changes to direct taxation

  • Deferred deduction of remaining installments of loan losses of banks, financial institutions, and insurance companies
  • Revaluation of the acquisition cost of land and shares traded / not traded on regulated markets
  • Opening stock adjustments
  • Limit on the possibility of using tax credits to offset tax liabilities

Changes to indirect taxation

  • Increased value added tax (VAT) rates for baby products, feminine hygiene products, and baby car seats
  • Postponement of the plastic tax and sugar tax to 1 July 2024

Decree Law No. 145/2023 provides for a reduced VAT rate of 10% for food supplements effective 17 December 2023.

Read a January 2024 report [PDF 298 KB] prepared by the KPMG member firm in Italy

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