Italy to Offer Tax Breaks to Offset Company Energy Costs

Italy is introducing new tax relief until June 30 for companies facing spiraling energy costs.

For the second quarter of 2023, value-added tax on natural gas will be reduced to 5% from 10%, and special tax credits will be available for companies whose net expenses for gas and electricity have gone up by more than 30% since 2019, the government said late Tuesday night.

• The credits must be used by Dec. 30. They can be combined with other concessions and can be transferred to financial institutions to offer more immediate relief for businesses. Banks and other lenders can buy Italian ...