16 December 2011
On 6 December 2011, Italian Tax Authorities (ITA) issued Circular Letter No. 53/E, which clarifies the applicability of the new regime for the carrying forward of tax losses for entities subject to corporate income tax (IRES).
The new regime was introduced by DL.98/2011, and provides that losses may be carried forward indefinitely and be offset against future taxable income, up to 80% of the taxable income. The Circular clarifies that the new regime also appli…