Italian Parliament Approves 2017 Budget Measures

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…