
The new Consolidated Income Tax Act, in force from 1 January 2027, maintains the safeguard clause for the taxation of severance pay, allowing the application of the most favorable rates and brackets in force on 31 December 2006, despite the apparent inclusion in the list of repealed rules.
AI-generated summary
The safeguard clause for the taxation of severance pay, introduced by the 2007 financial law, allows the application of the most favorable rates and brackets in force on 31 December 2006 in the event that the new rules are less advantageous for the worker.
No tightening coming on the taxation of TFR (severance pay). The parachute with the possibility of applying the most favorable taxation with the brackets and rates in force on 31 December 2026 will continue to remain fully operational. This is what emerges from a careful reading of the new Consolidated Income Tax Act, which will come into force from 1 January 2027.
Article 21 of the Consolidated Law, in fact, reports in paragraph 11 the safeguard clause already in force today: «For the purposes of determining the personal income tax due on severance pay, equivalent indemnities and other indemnities and sums connected to the termination of the employment relationship, referred to in article 19, paragraph 1, letter a), the rates and income brackets in force on 31 December 2006". In essence, if at the time of calculating the taxation of the severance pay maintained in the company (because the one in the funds provides for taxation with a substitute tax) the rates in force determine a more unfavorable treatment, protection for the worker is still triggered which allows him to access lower taxation.
The optical effect of the repeal of the safeguard had probably been determined in some observers in the list (contained in article 376) of the rules destined to give way with the entry into force of the new Consolidated Law, among which appears that of the life jacket which was contained in article 1, paragraph 9, of law 296/2006 (the 2007 Budget). Only now, as anticipated, that provision fully enters article 21 of the new Consolidated Law dedicated to severance and end-of-service compensation.
Moreover, the technical report had not foreseen any increase in revenue linked to a possible repeal of the safeguard. Repeal which would have affected not the medium-low incomes (on which there have been mergers and reductions in rates in recent years) but rather the higher ones and with more substantial amounts of severance pay. But we are talking about a pure hypothetical disquisition given that in 2027 everything will remain as it is now.
Oil prices rise in Asian markets due to the closure of the East-West pipeline and uncertainty over the Strait of Hormuz. The WTI reaches 102.90 dollars and Brent 107.70 dollars, while the Asian stock markets close lower.

The Ministry of Transport has extended the deadline for applications for tax credit on expensive diesel fuel for road transport to 20 September. The Government also extended the benefits to September and increased the fund to 413.6 million euros.

Isabel Schnabel of the ECB calls the recent increases in oil and gas prices worrying. The Frankfurt institute monitors inflation and assesses whether the current rate hike to 2.50% will be sufficient to achieve medium-term objectives.

The president of the Italian Chamber of Commerce in Argentina, Giorgio Alliata di Montereale, praised the recent system mission in Buenos Aires, which involved 100 SMEs to develop supply chains in energy, agro-industry and mining, supported by Italian institutions.

In a context of geopolitical volatility, companies are increasingly adopting joint ventures and partnership models to finance infrastructure and energy projects, sharing risks and expertise with an increasingly diversified ecosystem of investors.

European stock markets close lower, led by Milan, due to the increase in oil and gas prices and geopolitical tensions in the Middle East. The Stoxx 600 lost 0.3%, while the BTP-Bund spread stood at 88 points.