IMU – nothing to do with Rod Hull – just our old friend ICI under a new name. The change comes into force from January 2012. This municipal tax will now be due on all houses, including main residences, prima casa, holiday homes etc.. That means if you own any property in Italy you will now need to pay the new IMU.
The rate of tax on a prima casa is 0.4% of the valore catastale of your house. These values are themselves set to rise by 60%. The rate on second and further houses is set at 0.76%. However, these are only the national rates – each Comune has some leeway to vary the rate as it sees fit.
IVA – another increase is on its way. IVA will rise to 23% from the second half of next year. The 2% rise will also apply to the 10% rate.
Tax on luxury – not a major worry for all of us, but if you do happen to own an airplane, helicopter or particularly flashy car, the Revenue is planning a special tax just for you.
Petrol – no surprise to anyone, but tax on petrol is due to rise from January 2012.
Limit for cash payments – something of an inconvenience for many. The maximum amount of cash you will be able to pay (or receive) in any transaction is to drop to euro 1000, forcing most people to take out credit cards.
Pensions – there will be an increase in INPS contributions for the self-employed (non-mutuati, INPS commercianti, INPS artigiani).
And finally….
….good news for all those registered for IVA – you will finally be able to deduct employee costs from your IRAP calculation!
If you have any queries about any of the above, contact us here.