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February 8, 2023 Italian Budget Law for 2023: Tax measures for Italian tax-resident individuals and Italian land-rich entities On 29 December 2022, the Italian Government approved the Budget Law for 2023 that entered into force as of 1 January 2023. The Law provides for several tax measures, including: (i) the extension of the flat tax scheme (so-called “regime forfettario”) and the introduction of a new flat-tax rate scheme for certain categories of taxpayer (so-called “flat tax incrementale”); (ii) 5% flat-tax rate on amounts paid by the Swiss Old-age and survivors’ insurance (OASI) and Occupational Retirement, Survivors and Disability Pension Plans (BVG) to Italian residents; (iii) introduction of a specific set of rules for the taxation of crypto assets; and (iv) nonresident capital gains tax on indirect transfer of Italian real estate. A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details. _________________________________ ATTACHMENT Full text of Tax Alert | |||