News: Liquidity Decree
- Studio Piceci
- 13 Apr 2020
- Reading time: 1 min
Subject: Law Decree April 8, 2020, no. 23, known as the 'LIQUIDITY DECREE'
EXPANDED ELIGIBILITY FOR WORKERS TO ACCESS SOCIAL WELFARE BENEFITS (Art. 41)
The worker's company seniority requirement for eligibility for wage supplementation schemes (CIGO, ordinary allowance, CIGD), previously set for those hired by February 23, 2020, has been expanded.
Indeed, workers will be eligible for ordinary wage supplementation, the ordinary allowance, and wage supplementation in derogation if hired up to March 17, 2020.
SUSPENSION OF PAYMENTS FOR BUSINESSES AND WORKERS WITH REGISTERED OFFICE OR DOMICILE WITHIN THE STATE TERRITORY (Art. 18)
Scope | Eligibility Criteria for Beneficiaries | Suspension Period | Payment Resumption |
Suspension of payments: - VAT; - withholding taxes on employment and similar income, regional and municipal surcharges; - contributions for social security and welfare, and premiums for mandatory insurance. | At least a 33% reduction in turnover, compared to the same period of the previous year (March and April). For revenues or fees exceeding 50 million, the reduction must be at least 50%. | Payments due in April and/or May | The suspended payments must be made by June 30 in a single installment or up to a maximum of 5 equal monthly installments starting from June 2020. |
EXTENSION OF EXEMPTION FROM WITHHOLDING TAX ON SELF-EMPLOYMENT INCOME, OTHER INCOME, AND COMMISSIONS (Art. 19)
Scope | Eligibility Criteria for Beneficiaries | Suspension Period | Payment Resumption |
Self-employment income, other income, and commissions | Revenues or fees not exceeding Euro 400,000 in the tax period preceding the one in progress as of March 17, 2020. Revenues and fees received during the period are not subject to withholding tax by the tax withholding agent, provided that in the preceding month no expenses were incurred for employment or similar services. Taxpayers availing themselves of this option must issue a specific declaration stating that the revenues and fees are not subject to withholding tax under this provision. | Revenues and fees received from March 17 to May 31, 2020 | The withheld taxes must be paid by the recipient by July 30 in a single installment or up to a maximum of 5 equal monthly installments starting from July 2020. |
Would you like to know more?
Subscribe to studiopiceci.it to continue reading these exclusive posts.