Decreto Liquidità – Tax and accounting measures

Decreto Liquidità – Tax and accounting measures

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On 8 April 2020, Decree-Law no. 23/2020, the so-called “Decreto Liquidità”, was published, providing for further urgent measures, amounting to 400 million euros, concerning access to credit for businesses and professionals, export support, support for business continuity, suspension of some tax obligations and extraordinary provisions on justice.

In Chapter IV, the new measure has provided for fiscal and accounting measures, including:

  • the suspension of VAT payments, withholding tax and social security contributions for the taxpayers with a significant drop in turnover in the second two months of 2020 (at least 33% for income/compensation under 50 million euros, or at least 50% over 50 million euros);
  • the temporary suspension of VAT payments for residents in Bergamo, Brescia, Cremona, Lodi or Piacenza, in the event of a drop in turnover of at least 33% regardless of the previous year’s income threshold;
  • payments will be resumed in June, with the possibility of deferral in 5 monthly installments;
  • the extension to April and May of the suspension of withholding taxes on self-employment income;
  • the moratorium of penalties and interest for payments due to Public Administrations by 16 April 2020 ;
  • the extension of the deadline for sending the Certificazione Unica from 31 March to 30 April 2020;
  • the extension of the tax credit to 50% for the costs of workplace sanitization also for the purchase of personal protective equipment, masks, gloves and glasses.

On 13 April 2020, the Tax Authority published the Circular no. 9/E containing the first statements on the main tax measures introduced by the so-called “Decreto Liquidità”, also provides answers to questions submitted by trade associations, operators and the specialist press.

Full details of the tax and accounting measures are provided in the attached Circular.