Italy Tax Agency Clarifies Tax Credit Usage for Ceased Professional Activity

The Italian Revenue Agency issued Dec. 13 Answer No. 255/2024, clarifying the usage of tax credits for ceased professional activity. The taxpayer was a professional surveyor who intended to close their VAT registration due to the cessation of their business activity. The taxpayer sought clarification on whether the closure of their business activity and VAT number would preclude them from using a 110 percent super bonus tax credit for 2025-2027 as a private taxpayer to offset income tax liabilities. The Tax Agency clarified that: 1) the closure of the professional business activity didn’t prevent the taxpayer from using the credits; ...