Studio Del Gaizo Picchioni

Good news for Forfettario

Good news in the current Finance Act (legge finanziaria) for those on the Forfettario scheme. This is the simplified scheme for small businesses which offers a discounted flat rate of tax. This is 15% or 5% for genuine start-ups. One of the criteria for qualifying for the scheme is that the business has a limited turnover: to date, the limit has depended on the type of business. Businesses classed as professional  –  English teaching, say or website design – would have a turnover limit of €30k, while an activity offering accommodation would be restricted to a turnover of no more than €50k. Unnecessarily complicated, we all thought, and for once the powers that be are in agreement. As of next year, the proposal is that the limit of turnover be raised to €65000 for all activities. For those already on the scheme, it is not yet clear whether the new turnover limit will also apply to 2018 earnings: we await clarification from the Agenzia. If so, it could be a busy couple of months in the run up to Christmas!