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02 January 2012
Upgrading of the cadastral value of all properties by 60 %.
Introduction of the new property tax “IMU” (Imposta Municipale Unica) continue
Obligation to register farm buildings with the Land Register until March 31, 2012 (“Fabbricati rurali” – Ruins around Lake Garda often fall within this category).
Extension of the possibility of a tax write-off of 55 % for renovation works carried out to reduce the energy consumption (“Ecobonus”) until December 31, 2012 and establishing the possibility of a tax write-off of 36 % for various home renovation works as permanent bonus.
Increase of value added tax by 2 percentage points to 23 % or 12 % as from October 01, 2012 and a further 0,5 percentage points to 23,5 or 12,5 as from January 01, 2013.
Increase of the last two classes of income tax by 2 percentage points to 43 % or 45 % (with a gross income of 55.000 or 75.000 euros – this is only relevant if you have registered your principal place of residence in Italy).
The mutation of banking practises mainly concerns italian citizens or non EU-citizens without residence in Italy.
Reduction of the upper limit for cash payments of 1.000 euros.
Taxation of properties and financial investments abroad.
Obligation for fincancial institutions to report all account movements to the tax revenue office.
The additional taxation of luxury goods exclusively concerns goods enrolled in Italy (i.e. cars with italian license plate).
Additional motor vehicle tax “SuperBollo” for cars with more than 185 kW (20 euros per kW).
Various taxes on luxury goods such as boats over 10 meters, private airplanes, …
The reform of the pension system is only of concern to you if you have registered your principal place of residence in Italy:
Increase of the retirement age to 66 for men and 62 years for women as of January 01, 2012 (with a continuous increase to 66 years until the year 2018).
Flexible retirement age between 62 and 70 years through up- and downgrading of entitlement to a pension.
Increase of contributions to retirement annuity from 40 to 42 years and one month for men and 41 years and one month for women.