For children under 24 years of age, the income limit to be considered has been raised to EUR 4,000 from FY 2019.įamily tax credits are rated monthly and are applied as of the month in which the conditions verify and up to the month in which conditions stop. The self-employment income tax credit is determined as follows: Non-employment income (EUR)ĮUR 500 + 765 x (28,0000 - gross income)/(28,000 - 5,500)ĮUR 500 x (50,000 - gross income) / (50,000 - 28,000)įamily tax credits are granted to resident taxpayers with a dependent spouse, children, and other relatives living with the taxpayer, provided that each dependant’s annual income does not exceed EUR 2,840.51. The pension income tax credit is determined as follows: Pension (EUR) The recognition of a sum by way of additional treatment, which does not contribute to the formation of income and which therefore constitutes a net amount, is equal to EUR 1,200 per year (FY 2022) in the case of incomes not exceeding EUR 15,000.įor the annual income between EUR 15,001 and 28,000, the amount of the additional treatment needs to be prorated on the basis of the Italian net income tax. Starting from 1 January 2022, the additional tax deduction has been abolished. the recognition of a sum by way of additional treatment.21/2020 and the Italian Budget Law for FY 2021, in view of a revision of the tax deductions and income support measures, introduced two further and distinct mechanisms for reducing taxes. In addition to the classic system of tax deductions provided for by the Italian Tax Code, the Law no. The employment income tax credit is determined as follows: Employment income (EUR)ġ,880 (the tax credit cannot be lower than EUR 690 or EUR 1,380 for fixed-term contracts)ĮUR 1,910 + 1,190 x (28,000 - gross income) / 13,000ĮUR 1,910 x (50,000 - gross income) / (50,000 - 28,000) Family tax credits (as from March 2022 these have been replaced by the ' Assegno Unico Universale').Įmployment tax credits vary depending on the income:.An individual who qualifies as Italian tax resident can deduct from gross income tax liability the following main tax credits if all the conditions requested by the Italian tax law are met and if properly documented:
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