Italy Cabinet Approves 2021 Budget Bill

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 ...