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by LDP | Jun 7, 2021 | infoflash

New provisions introduced by the law converting the first “Support Decree” (Law decree No 41/2021)



In addition to the several new rules and provisions introduced with the approval of the so-called “Decreto Sostegni-bis” (see for the details our Newsletter no. 2 of May 2021), it is also important to consider the relevant news provided by the conversion in law of the previous “Decreto Sostegni-1” (Decree Law no. 41/2021) .

The above-mentioned conversion law (Law no. 69/2021, the “Conversion Law”) was published in the Official Gazette – General Series no. 120 of May 21st, 2021.


We summarize below the most relevant news led by the Conversion Law.



1 – Step-up of assets and shares extended to FY 2021


The Conversion Law has extended the time frame for the application of the optional regime relating to the step-up of assets and shares provided by Article 110 of the Law decree No. 104/2020 (also known as the “August Decree”).


In particular, the new law provides that the step-up may also be carried out at the time of approval of the financial statements following the one in progress at 31.12.2020 (e.g., 2021 for companies whose financial year coincides with the calendar year).


However, the Conversion Law has limited the scope originally provided by the previous rules resulting from the August Decree.


With the new version of the law, the revaluation option can only be exercised:

  • on assets that were not revalued during the previous year.
  • For statutory purposes only (which inhibits the recognition of the higher revaluation value for tax purposes by payment of the corresponding substitute tax).



2 – Contributions extended to entities who activated their VAT number in 2018, but effectively started their activity in 2019 


With the introduction of Article 1-ter of the Conversion Law, it has been introduced an ad hoc non-refundable contribution for business income holders who, although they have activated the VAT number in 2018, have started the activity during 2019. The contribution is aimed at the entities that are not entitled to the ordinary contribution provided for those who have suffered a decrease in turnover for 2020 at least equal to 30% compared to the turnover of the previous year.


The contribution cannot, however, exceed the maximum threshold of € 1,000.


To be eligible to the contribution the beginning of the activity must be proved by the results of the registrations at the Register of Enterprises, as well as the compliance with the other requirements provided for by the regulations for the ‘ordinary’ non-repayable contribution, other than the provisions concerning a significant decrease in turnover.


The means of access and the details about these contributions will be defined through an ad hoc decree by the Ministry of Economy and Finance.



3 – Extension of the deadline for the Regional Tax payment for those entities that have exceeded the threshold under the EU Temporary Framework on State Aid


The Conversion Law has provided an extension to September, 30th  2021 of the deadline related to the payment of the Regional Tax for the entities that have exceeded the limit provided by the EU Temporary Framework State Aid.


The rule in fact constitutes an amnesty, since the previous deadline provided for by Law decree no. 34/2020 had already expired on April 30th, 2021. Payment within the extended deadline will be made without the obligation to pay any amount by way of penalty or interest.



4 – Exemption from payment of the first instalment of IMU (local property tax) for FY 2021


With the new Article 6-sexies, the Italian Government has provided for the exemption from the obligation to pay the first instalment of the IMU 2021 for the real estate owned by entities who meet the requirements to benefit of the non-repayable contribution referred to in the same decree (Article 1, paragraphs 1-4, of Law decree No 41/2021).


The exemption is limited to the buildings in which the activity managed by the entities referred to in the previous paragraph is carried out.


It should be noted that this relief is in any case subject to the limits provided by the EU temporary framework on State aid.





LDP remains at your disposal for any further clarifications.

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