Law Decree n. 144/2022: main tax measures

The following is a summary of the main tax measures shown in the above-mentioned “Aiuti-ter” Decree.

The “Aiuti-ter” Decree provides an extension and strengthening of tax credits for the companies purchase of electricity and natural gas.

In particular, it is provided a tax credit equal to 40 per cent of the expenses incurred for the energy component purchased and used in October and November 2022 by energy-intensive and gas-intensive companies.

Regarding the non-energy-intensive companies:

For non-gas companies, the credit is set at 40 per cent for the same period.

The above-mentioned tax credits may be used as a set-off through the F24 form by 31 March 2023 or may be transferred, only for their full amount, to other entities (including credit institutions and other financial intermediaries) without right of further transfer. 

The possibility of two further transfers is allowed only if made in favor of banks and financial intermediaries, companies belonging to a banking group or insurance companies authorized to carry on business in Italy.

 

In case of tax credits transfer, the companies receiving the tax credits must request an endorsement of the data relating to the documentation showing the conditions entitling them to the tax credits. 

The transferees use the tax credits according to the same way as they would be used by the transferor and, anyway, no later than 31 March 2023.

In order to mitigate the economic effects of the ongoing exceptional increase in the price of diesel and petrol, the tax credit for the purchase of fuel for agricultural and fishing activities, introduced for the first time by Article 18 of Decree-Law No 21/2022, is extended, with some new features, to purchases made in the fourth quarter of 2022. 

The benefit is granted to companies engaged in agricultural and fishing activities and to companies engaged in agro-mechanical activities under ATECO code 1.61, to partially offset the higher charges actually incurred for the purchase of diesel and petrol for the vehicles used to carry out the above activities. 

The tax credit is equal to 20 per cent of the expenses incurred for the purchase of fuel made in the months of October, November and December 2022, attested by the relevant purchase invoices, net of VAT. 

Regarding companies carrying out agricultural and fishing activities, the credit is also granted with regard to the expenses incurred in the fourth quarter of the FY2022 for the purchase of diesel fuel and petrol used for heating greenhouses and production buildings used for animal breeding. 

The tax credit can be used by offsetting through the F24 form by 31st March 2023. 

Alternatively, the tax credit under exam can be assigned, only for their full amount, to other entities, including credit institutions and other financial intermediaries, without the right of subsequent assignment, except for the opportunity of two further assignments only if made in favour of banks and financial intermediaries, companies belonging to a banking group, or insurance companies authorised to operate in Italy (so-called 'supervised' entities). 

In case of tax credits transfer, the companies receiving the tax credits must request an endorsement of the data relating to the documentation showing the conditions entitling them to the tax credits.

 

The transferees use the tax credits according to the same way as they would be used by the transferor and, anyway, no later than 31 March 2023.

Free guarantees are to be granted, by Sace and the Fondo Pmi, for loans granted by banks to companies related to the payment of bills issued in October, November, and December.

The Sace guarantee is free of charge and an interest rate based on BTPs (i.e. a capped rate) is applied to the loan.

On the other hand, with regard to the SME Fund, an increase in the guarantee percentage is envisaged from 60 per cent to 80 per cent of the amount financed for the bills payment. 

Also in this case, the guarantee is free of charge.

Major issues arose around this provision, mainly related to the need to request EU authorisation, since it would be necessary to wait for a period of time (even more than a month) that would be incompatible with the needs of companies called upon to face, in the short term, the higher payments.

It is increased the maximum amount of loans (from Euro 35,000 to Euro 62,000) that can be guaranteed by Ismea in relation to loans in favour of agricultural, fishing and aquaculture companies suffering an increase in energy costs.

For the period 18-31 October 2022, the following is confirmed

For the correct application of the reductions, no later than 10 November 2022, the data on the quantities of products covered by the reductions and exemptions from excise duty, and stored in the tanks on 30 October 2022, must be sent to the competent office of the Customs and Monopolies Agency, unless a further extension of the reduced rates is ordered. 

This data must be communicated by operators of commercial warehouses of energy products subject to excise duty and by operators of roadside fuel distribution facilities.

In the event that the aforesaid communication is not made or is sent with incomplete or untrue data, an administrative sanction of between Euro 500 and Euro 3,000 (provided for in Article 50, c. 1,Legislative Decree 504/1995) will be applied.

An allocation of Euro 50 million in the form of grants is envisaged for associations, amateur sports clubs and national sports federations operating sports facilities and swimming pools.

The above mentioned amount is also set aside for:

The modalities and the terms of the grants are left to a decree.

For the FY2022, the resources for the transport bonus are increased by Euro 10 million.

An amount of Euro 40 million is allocated for the FY2022 in order to keep down the higher electricity and gas supply costs incurred by theatres, concert halls, cinemas, institutes and cultural venues.

 

The modalities and the terms of the grants are left to a decree of the Culture Minister.

In order to fight extraordinary increases in fuel prices, for the FY 2022, an amount of Euro 100 million is authorized:

A decree of the Ministry of Infrastructure and Sustainable Mobility, to be issued in agreement with the Minister of the Economy and Finance, will set out the criteria for the determination, allocation and payment procedures of the resources.

It is postponed from 30 September to 31 October 2022 the deadline to send, to Italian Tax Authority, the application for the voluntary redemption of the R&D tax credit.

A new “one-off” bonus of Euro 150 is introduced for pensioners and several categories of workers (including employees, seasonal workers, the self-employed and professionals) with an income of less than Euro 20,000 in FY2021. 

In particular, for employees (excluding domestic workers), the bonus is provided for the month of November providing that the November taxable salary does not exceed the amount of Euro 1,538.