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Italy Cabinet Approves 2021 Budget Bill

Oct. 22, 2020, 5:00 AM

The Italian Council of Ministers Oct. 18 issued Press Release No. 67, announcing the approval of the 2021 draft budget bill. The draft bill includes measures that would: 1) provide a 100 percent employee contribution deduction for three years for the employment individuals under 35 years old; 2) implement tax deductions for taxpayers with annual incomes between 28,000 euros (US$33,136) and 40,000 euros (US$47,308); 3) extend various individual income tax deductions through Dec. 31, 2021, for building renovations and environmental upgrades; 4) introduce a single universal allowance for families; 5) extend the moratorium on mortgages; 6) expand recapitalization measures for...

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