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Italy Tax Deductions









  • Relief is given mainly in the form of a credit on tax payable. Some forms of relief are granted as a deduction, that is, a reduction in the taxable income.
  • Most relief refers exclusively to Italian residents.
  • The following amounts are subject to the definitions in law:


  • Class of Relief Amount - EUR
    Credit for Employees Up to EUR 1,880 , depending on income level
    Burial expenses Maximum credit of 1,549
    Dependent spouse Up to 800
    Married parent - dependent child Up to 1,200
    Medical expenses In excess of 129 (Max 18%)
    Payments for life insurance 19% up to EUR 530
    Mortgage Interest 19%, up to 4,000
    Donations Up to EUR 1,033 for religious institutes.


    Italy Business Deductions

    Losses
    Losses can be carried forward and be offset against up to 80% of the current year's income .Losses from activities in the first 3 years of operation can be carried forward without a limit.
    There is no carryback for losses.


    Italy Consolidated Returns

    Consolidated returns are allowed, subject to terms, for parent companies with their subsidiaries, when holding 50% or more. Consolidated returns, if chosen, have to be filed at least for 3 years.

    Italy Interest Expenses

    In Italy Interest expenses are deductible up to 30% of the income before interest and depreciation.
    The excess can be carried forward indefinitely .







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