Italy Gazettes Promulgating Law on 2023-2025 Budget

The Italian Official Gazette Dec. 29 published Law No. 197, the budget law for financial years 2023-2025. The law includes measures: 1) increasing the tax credit to 35 percent from 30 percent for small businesses, to 45 percent from 40 percent for energy-intensive and gas-intensive companies; 2) extending the 15 percent flat tax rate to VAT payers with revenues of up to 85,000 euros (US$89,713); 3) setting a 5 percent tax rate for productivity bonuses up to 3,000 euros (US$3,162); 4) introducing a pension advance regime for those at least age 62, on an experimental basis for 2023; 5) establishing ...