Italian government's 2008 budget

The Italian government’s 2008 budget again includes tax benefits for building restructuring and energy savings and extends to 2010 income tax deductions for expenses sustained from January 2008 through 31 December 2010. As a result, the same extension has also been given to the 10% VAT.

There has been no substantial change to the 36% tax deduction for ordinary and extraordinary maintenance for restructuring buildings: The deduction still has a ceiling of 48 thousand euros per home, with the total benefit available to all parties involved remaining the same. Basically this means that the total cost sustained will be divided among the parties.

The timeframe also remains unchanged: The deduction is spread over ten years, provided that none of the parties involved is elderly. In this case, the rule has changed. If the parties – owners or the holders of other rights to the property involved – include people aged between 75 and 80, the division is based on five and three equal annual amounts respectively.

In the January/February issue of ITS Trade (www.infoimpianti.it/its-trade.html), the new Reed Business Information magazine for retail and wholesale professionals, outlines all the new rules introduced in the budget relative to the building and energy sectors.

To request a free copy of the magazine, simply email your details to its-trade@reedbusiness.it.