Italy's Council of Ministers issued a release announcing its approval of a draft tax reform law during its meeting held 5 October 2021. Although specific details are not provided, the release does note the following main areas of reform:
- Personal income tax reform, including the completion of the dual system for a distinction between capital income and employment income, with a reduction in the effective tax rates on employment income;
- Corporate taxation (IRES) reform, including the simplif…