Budget Law for 2014 approved

On 23 December 2013, the Parliament approved the Budget Law for 2014. The provisions generally entered into force on 1 January 2014, unless otherwise indicated.

The main amendments made to the original proposal are summarized below.

Corporate income tax

Banks and insurance companies, from tax year ongoing on 31 December 2013, may deduct bad debt write-downs and losses in a 5-year period, for both corporate income tax (imposta sul reddito di impresa, IRES) and local in…