The summary provides an overview of the measures concerning value-added tax (VAT) outlined in the legislation mentioned. Here are the key points:
1.1. Increase in VAT rates for certain infant and feminine hygiene products:
- The 2024 Budget Law (Article 1, paragraph 45) modifies the VAT rates for the sale of specific infant and feminine hygiene products previously subject to a reduced rate of 5%.
- The law abolishes the reduced rate for certain feminine hygiene products and infant nutrition products, such as absorbents, tampons, menstrual cups, powdered or liquid milk for infants, and preparations for infant nutrition.
- The law also increases the VAT rate from 5% to 10% for powdered or liquid milk for infants, malt extracts, and preparations for infant nutrition containing flour, semolina, starch, malt extracts, and cocoa in amounts less than 50% by weight.
1.2. Extension of reduced VAT rate for wood pellets:
- The 2024 Budget Law (Article 1, paragraph 46) extends the application of the reduced VAT rate of 10% to wood pellets for the months of January and February 2024.
- The reduced rate was initially introduced for the year 2023 and applies to wood pellets used for heating purposes.
1.3. VAT relief for individuals domiciled or residing outside the European Union:
- The 2024 Budget Law (Article 1, paragraph 77) reduces the minimum value of goods sold to individuals domiciled or residing outside the European Union, which can be exempted from VAT.
- The threshold is reduced from €154.94 to €70 (including VAT) for personal or family use items carried in personal luggage outside the EU customs territory.
- The provision aims to support domestic tourism and enhance international tourism in Italy.
- The exemption can be applied immediately at the point of sale or through a refund process.
Please note that the information provided is based on the summary and should be verified with the original legislation for complete accuracy.
