Italy MOF Announces Lower House Approval of 2025 Budget Bill

The Italian Ministry of Economy and Finance Dec. 23 announced the Chamber of Deputies’ Dec. 20 approval of the 2025 budget bill. The announcement includes measures to: 1) expand the tax wedge reduction to individual incomes up to 40,000 euros (US$41,695); 2) revise the individual income tax (IRPEF) brackets to apply a 23 percent rate to taxable income up to 28,000 euros (US$29,187); 3) introduce a maximum deduction limit for taxpayers with income over 75,000 euros (US$78,179); 4) provide a tax exemption and extension of the social security contribution incentive for workers eligible for early retirement who continue to work; ...