Italy has introduced Directive 2018/1910/EU so-called “Quick Fixes”, which amended Directive 2006/112/EU on the harmonization and simplification of certain rules in the system of value added tax for the taxation of trade between EU Member States.

Due to the global pandemic caused by the spread of the SARS-COVID19 virus, the Government of Spain decreed a state of alarm in 2020, which meant, at the time, the closure of all types of business, professional and artistic activities except those that were considered an essential service to society

Contrary to all the predictions made, António Costa won the legislative elections in Portugal yesterday, renewing his term as Prime Minister of Portugal for another 4 years.

In 2015, António Costa surprised the political world by managing to become Prime Minister of Portugal, despite losing the elections and making political deals on the left.

In 2019, he saw his unofficial coalition strategy work and won the elections, being elected Prime Minister for another 4 years.

New year and therefore new fiscal year. And while waiting for future news (changes in real estate taxation, in the tax promotion of emerging companies, tax aid for digitization, ...) we can already highlight the following reforms produced recently, and which we consider to be the most relevant to take into account to be able to make the pertinent economic decisions this 2022 already started:

1. INCOME TAX OF INDIVIDUALS

1.1 Reduction limits in the tax base of contributions and contributions to social security systems

In November 2021 the Italian Government adopted a plan (called PNRR) to cope with the economical downturn due to the Covid 19 infection and to make the best use of the “recovery” funds received by the EU.

Under the Plan, among many other measures,  the Public Administration has been authorized to recruit quite a large number of employees, to be hired with contracts for a limited period of time (up to 36 months, subject to be extended in case of need) to assist in the implementation of the PNRR.