The Italian Ministry of Economy and Finance (MEF) has announced the approval of the 2017 Budget measures by parliament (Bill No. 2611). Key measures include:
- A reduction in the corporate tax (IRES) rate from 27.5% to 24% (previously scheduled);
- The introduction of a business profits tax (IRI) at a rate of 24% for non-corporate businesses, such as partnerships and sole traders;
- An extension of the depreciation allowance of 140% for new plant and machinery through 31 December 2017 (30 June 20…