Italy Gazettes Promulgating Law for 2026-2028 Budget

The Italian Official Gazette Dec. 30, 2025 published Law No. 199, the budget law for financial years 2026-2028. The law includes measures: 1) reducing to 33 percent from 35 percent the individual income tax (IRPEF) rate for the second income bracket; 2) applying a 440 euro (US$516) reduction to specified deductions for taxpayers earning above 200,000 euros (US$234,648); 3) applying a substitute tax of 5 percent on salary increases and 15 percent on allowances for specified employees; 4) reducing to 1 percent from 5 percent the substitute tax on specified performance bonuses; 5) increasing to 10 euros (US$12) from 8 ...