Italy Parliament Passes Bill to Convert Decree-Law Introducing Urgent Tax Measures

The Italian Parliament May 20 passed Bill No. 2935, to convert into law a decree-law introducing urgent tax measures. The bill includes measures to: 1) modify the new exchange transaction VAT regime to apply to contracts executed or renewed as of Jan. 1; 2) modify income tax provisions to include in the tax base the employment income of Italian-resident maritime workers working more than 183 days on foreign-flag ships; 3) introduce changes to the biennial preventive settlement regime by setting differentiated thresholds based on tax-reliability levels; 4) eliminate the restriction that limited increased depreciation to goods produced in EU or ...