Balance of the 2023 substitute tax on End-of-Service Indemnity (TFR) and management of any offsetting credit via F-24 form
- giorgiafrisenda
- Feb 2, 2024
- Reading time: 2 min
Flash News no.5/2024
Due to the significant reduction in the revaluation rate of the End-of-Service 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 generated a credit. This credit arose because the advance payment was calculated based on the rate of 9.9745%, effective on December 31, 2022, whereas the balance was calculated using the rate effective on December 31, 2023.
As a consequence of the reduction in the TFR revaluation rate, the amount paid by companies by December 18, 2023, effectively exceeded the total amount due for 2023, resulting in a corresponding credit.
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