Italy Tax Agency Issues Circular Clarifying Deductions for Exterior Building Renovations

The Italian Revenue Agency Feb. 14 issued a circular clarifying the tax deductions for expenses incurred during exterior building renovations in 2020. The circular clarifies that: 1) 90 percent tax deductions are allowed for expenses incurred for exterior building renovations located in territorial zones A or B; 2) eligibility requirements and procedures must be followed to claim the tax benefits; 3) the deduction is divided into 10 equal annual installments, starting in 2020; and 4) the deductions apply to both individual income taxes (IRPEF) and corporate income taxes (IRES). The measures are part of the 2020 budget law. [Italy, Revenue ...