Italy Gazettes Promulgating Law on Extra Profit Tax on Financial Institutions, Measures to Promote Investments

The Italian Official Gazette Oct. 9 published Law No. 136, promulgating, with amendments, Decree-Law No. 104, providing support measures to promote economic activities and strategic investments. The decree-law includes measures: 1) establishing a new tax credit for resident companies and companies with a permanent establishment in Italy investing in R&D projects in the field of microelectronics; 2) applying a 40 percent tax on the excess profits of financial institutions for the year 2023, payable in 2024; and 3) specifying that the excess profit tax isn’t deductible for corporate income tax (IRES) and regional tax on productive activities (IRAP). The decree-law ...