Tax Decree Shifts Risk to Management: New Rules for VAT, Imports, Hyper-Depreciation, and Tax Credits

The fiscal decree DL 38/2026 introduces changes to VAT on swaps, low-value import contributions, hyper-amortization rules, and the “Transizione 5.0” tax credit for companies previously excluded due to lack of funds.
The decree increases planning opportunities but also raises the risk of administrative errors becoming criminal offenses, emphasizing the importance of how tax positions and credits are managed and documented.
New VAT rules for swaps apply only to contracts signed or renewed from January 1, 2026, reducing retroactive risks.
The new import contribution applies only from July 1, 2026, giving a transition period for companies to adapt systems and procedures.
Hyper-amortization is extended to extra-EU goods for investments from January 1, 2026, increasing company responsibility for compliance and documentation.
Companies previously excluded from the “Transizione 5.0” tax credit due to exhausted funds are now eligible for a credit of 35%, increased to 89.77% by a later decree.

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.