Italy published Law No. 160 of 27 December 2019 in the Official Gazette on 30 December 2019, which includes the budget measures for 2020. Some of the main tax measures are summarized as follows:
- The scheduled increase in VAT rates where budget targets are not met (safeguard clause) is amended so that:
- the reduced rate will be maintained at 10% for 2020 and will increase to 12% in 2021 unless budget targets are met; and
- the standard rate will be maintained at 22% for 2020 and will increase t…