- Who will receive a tax credit in Italy in 2020
Who will receive a tax credit in Italy in 2020
From September 2020, there is a 30% tax rebate for sellers in Italy.
Traders and small businesses with a turnover of less than € 400,000 can start applying for a tax credit of 30% of the purchase commission. The transaction also applies to the payment of rent through POS.
The tax credit was actually granted as an incentive for the use of tracked payments for transactions above 2000 euros (until June 2020 the threshold was 3000 euros, and from 2022 the threshold will return to one thousand euros). Therefore, if cash payments can be made below this amount, if this amount is exceeded, you must resort to monitored systems such as bank transfer, check, or credit or debit card payments.
Thus, the tax advantage looks like an offset: on the part of the collector, you receive a tax credit in the amount of 30% of the commission, and on the part of the payer - a tax deduction of the fee when declaring income (which, as we remember, must be submitted by September 30 of this year) , without prejudice to the requirements for a registered contract and the use of the house as a primary residence. In addition, only free or regular lease agreements concluded by people between the ages of 20 and 30 for social housing or for a job transfer are deductible. These are deductions that cannot be combined with each other, but each taxpayer can choose for himself in accordance with the greatest benefit.
On the other hand, those who have to pay cash in excess of the threshold will incur fines under anti-money laundering regulations.
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