Italian Insurance Premium Tax (IPT) Prepayment is expected to increase to 55% in 2018 and to 70% in 2020. At the same time, the deadline to pay the prepayment shall move from 16 May to 16 November. These changes are included in the Legge di Bilancio 2018 (2018 Budget Act) that has been proposed by the Italian government and that is currently under discussion at the Parliament. In addition, policies covering natural disasters affecting residential real estate shall be exempted from IPT.
In order for these changes to become effective, they will need to be voted by both chambers of the Italian Parliament. Amendments to these changes are therefore still possible. FiscalReps is closely monitoring the situation and will keep clients updated.