Balance of the substitute tax on severance pay (TFR) for 2023 and management of any F-24 compensation credit

    Flash News No. 5/2024

Due to the significant reduction in the revaluation rate of the Severance Indemnity (TFR), which last year was close to 10% while this year it has significantly decreased, settling at 1.944162%, the calculation of the substitute tax balance has generated a credit. This is due to the fact that the advance payment was measured at the rate of 9.9745%, in force as of December 31, 2022, while the balance was calculated with the rate in force as of December 31, 2023.

As a result of the reduction in the TFR revaluation rate, the amount that companies paid by December 18, 2023, was in fact higher than the total amount due for 2023, with the corresponding formation of a credit.

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