Attention! The deadline of November 30 is approaching for the completion of new tangible assets booked by December 31, 2022, to benefit from the 30% tax credit.
The deadline had been extended by Article 12, paragraph 1 of Decree Law 198/2022. For new tangible assets (Annex A Law 232/2016) made in 2022 or by the extended deadline of November 30, with a reservation made by December 31 of last year: the tax credit for such assets is granted at the rates of 40% – 20% – 10% for investments up to 2.5 million, between 2.5 and 10 million, and between 10 and 20 million.
From December 1, 2023, and with a reservation by 12/31/2025 (and completion no later than 06/30/2023), the tax credit will decrease to 20% – 10% – 5% for the same investment brackets described earlier.
It is worth noting that with the term “reservation,” the share must be at least 20% of the value of the asset; also, pay attention to “ancillary works” as described in this previous article.
The extension was made only for tangible assets. For intangible assets with a limit of 1 million euros (Annex B Law 232/2016), the deadline remained June 30 of last year, with a tax credit of 50%.
- From July 1, 2023 and reserved by 12/31/2023, the benefit will decrease to 20%.
- From January 1, 2024 to December 31, 2024, the benefit will decrease to 15%.
- From January 1, 2025, to December 31, 2025, the benefit will decrease to 10%.
Tax credits can only be used as F24 offset without the obligation of the prior submission of the declaration. The use of these credits generally occurs in three equal annual installments; if the annual quota is not used in whole or in part, the remainder can be carried forward indefinitely.
For more information, please refer to your tax consultant.
