New Deadline for Utilizing Energy and Gas Tax Credits in 2023 Q1 and Q2

In a recent development, Decree Law No. 132 of September 29, 2023, known as the “Fiscal Extensions Decree,” has brought about changes in the timeline for utilizing energy and gas tax credits for the first and second quarters of 2023. The article 7 of this decree has set a new deadline, moving it up to November 16, 2023. This represents a significant shift from the original deadline of December 31, 2023.

It’s important to note that the procedures for claiming these tax credits remain unchanged. Taxpayers can still utilize these credits exclusively through offsetting using the F24 model, in line with Article 17 of Legislative Decree No. 241/97.

One notable change is that there are no longer annual limits imposed on the offsetting of these credits, as previously dictated by Article 1, paragraph 53, of Law No. 244/2007 (€250,000) and Article 34 of Law No. 388/2000 (€2 million). Additionally, recent clarifications in response to inquiry No. 439/2023 have lifted restrictions on offsetting in the presence of outstanding debts exceeding €1,500, as outlined in Article 31 of Decree Law No. 78/2010.

For those planning to offset these credits against upcoming tax installments due at the end of November, it’s imperative to file the F24 model by November 16, 2023.

An alternative option worth considering is transferring these tax credits in full to other entities, including financial institutions. However, please note that subsequent transfers are not allowed except for two additional transfers to “qualified” entities. To facilitate such transfers, a specific notification must be submitted within a specified timeframe (currently set at December 18, but this may be adjusted to align with the new deadline).

For further clarification or assistance on this matter, taxpayers are encouraged to reach out to us. LDP remains available to address any additional questions and concerns.

Stay informed as we continue to provide updates on this important fiscal development.

LDP provides Tax, Law and payroll  scalable and customised services and solutions. LDP Professional have also matured a significant expertise in  M&A, Corporate Finance, Transfer Price, Global Mobility Consultancy and Process Automation. 

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