News

New step-up option on taxpayer assets introduced

ILO International Law Office Newsletter - Corporate Tax - Italy

Decree-Law 104/2020 recently introduced a new opportunity for Italian companies to step up the cost of tangible and intangible assets (real estate and other immovable properties which are built or for resale are excluded) and participation in controlled and associated companies included in financial statements as of 31 December 2019. Therefore, for taxpayers for which the fiscal year matches the calendar year, the revaluation option can be exercised for the fiscal year ending 31 December 2020.

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Franco Pozzi

Chartered Accountant

Simona Zangrandi

Chartered Accountant