Flat tax in Italy for wealthy individuals who establish residency doubles to 200,000 euros

Omnibus Decree.

Increase in tax on foreign income for those transferring residency to Italy. Also expected is a provision to overcome the obstacle on Special Economic Zones. More time for revaluations.

A menu of 25 articles ranging from VAT on associations and amateur sports clubs to the possibility for Police and Carabinieri to use boats alongside jet skis or in their place for sea patrols.
In the Omnibus decree expected for examination by the Council of Ministers today, a tax package stands out that has seen the flat tax on income earned abroad by the wealthy individuals (the latest available update speaks of 1,136) who transfer their residency to Italy double from 100,000 to 200,000 euros.
But the work is still ongoing with a provision yet to be filled with content that could overcome the obstacle of the ZES tax credit, reduced by the Revenue Agency after a flood of reservations received exceeding the available resources (1.8 billion). The Economy and Ministry technicians led by Raffaele Fitto are working to find a solution and at the moment solutions such as the possibility of an intermediate communication to confirm the effectiveness of investments madeor a new allocation of funds are not excluded.

Compared to the initial drafts circulated of the decree, a provision on the reform of 1.15 for the adoption of the economic-patrimonial accounting system for all Public Administrations based on the "Accrual" system is expected to enter the National Recovery and Resilience Plan (PNRR) area.
And still on the PNRR front, a modification related to the National Complementary Plan, the domestic twin of the Recovery Plan, is expected to overcome existing critical issues.

The Omnibus decree also intervenes on the emergency front.
After the tragic collapse of the balcony of the Vela Celeste in Scampia, it is foreseen that the Municipality of Naples may allocate a contribution for autonomous accommodation (Cas) to displaced persons in the maximum amount of 400 euros per month for single-family households, 500 euros for households of two people, 700 euros for those composed of three people, 800 euros for households of four people, up to a maximum of 900 euros for families with five or more members.
If there are over 65s or disabled individuals (at least 67%), an additional 200 euros per month are granted, up to a maximum of 1,100 euros.
The allocation is 917 thousand euros for 2024 and 2.1 million for 2025, to be charged to the MEF's Fund for urgent needs: the Civil Protection department will transfer the resources to a special account at the State Treasury in the name of the Municipality of Naples.

Furthermore, the National Emergency Fund (covered by the Covid Fund) is increased by 150 million euros and the contingent of second-tier managers outside the Public Administration (former paragraph 6 of article 19 of Legislative Decree 165/2001) who can be appointed to the Civil Protection department is increased: +17% of the related organic allocation in the 2025-2027 triennium.

On the tax front, two expected extensions also arrive.
The first concerns the now traditional appointment with the revaluation of shareholdings and land: the original deadline set for July 1 to certify the appraisal and pay the first (or only) installment is postponed to November 30.
There is also a deferment for the regularization aimed at realigning inventory stocks, justified by the technical times required for implementation: the time frame will be moved to September 30.
While for operators registered in the register for the assessment and collection of local revenues, there will be time until December 31, 2025 (compared to the current deadline of December 31, 2024) for the adjustment of the share capital.

It is also worth noting that funding applications submitted by December 31, 2025 for investments by companies that are present, export, or source from the African continent will be exempt, upon request of the applicant, from providing a guarantee.