- The Italian Minister for European Affairs, Raffaele Fitto, met with Margrethe Vestager, the Executive Vice-President of the European Commission and Commissioner for Competition, to discuss the proposal for a Special Economic Zone (ZES) covering all regions of Southern Italy.
- The proposal aims to simplify and accelerate investments and provide tax support for companies in the ZES. Discussions also took place regarding the “South Decontribution” measure, which supports employment in Southern Italy, with Vestager expressing willingness to make it a more permanent and investment-oriented measure.
- The ZES provides tax incentives for investments made by new and existing businesses, with rates varying according to company size.
- The tax credit for the South/SEZ is currently set to expire on December 31, 2023, but an extension is expected.
Source PwC
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