Italian 2027 Finance Draft Law (subject to Parliamentary debate and approval) – Key Tax Measures: Increase of middle tax band upper threshhold | Flat-tax Regime Forfettario threshold adjustments | Flat tax regime for employment income extended | New Exit Tax for individuals | "Bonus Casa" - real estate restructing relief extended to 2027 | Vehicle Tax Exemptions | Flat tax (Cedolare Secca) extended to commercial lettings | Fixed Rents for Under 36's | Introduction of Sugar and Plastic Taxes postponed to 1 July 2027 | Tax Credits For Cloud Software | Special bank and energy sector levies

Accounting and Reporting

6.1 Accounting Standards

Italian companies generally follow the Italian GAAP (OIC) for statutory reporting. Listed companies and large groups must use IFRS as adopted by the EU. The choice of standards depends on company type, size, and listing status.

6.2 Bookkeeping Requirements

All companies must maintain accurate books, including:

  • Journal (Libro giornale)
  • Inventory book (Libro inventari)
  • VAT registers
  • Payroll records

Books must be kept in Italian and stored for at least 10 years. Digital bookkeeping is permitted but must comply with archiving and timestamping rules.

 6.3 Financial Statements

Annual financial statements include:

  • Balance sheet
  • Income statement
  • Notes to the accounts
  • Management report (if required)

Companies must file statements with the Registro delle Imprese within 30 days of shareholder approval. Small companies may use simplified formats under Article 2435-bis of the Civil Code.

6.4 Filing and Publication

Financial statements are filed electronically via the Chamber of Commerce portal. Once filed, they become publicly accessible. Late filings may trigger fines and reputational risks. Listed companies must also publish reports on their websites and notify CONSOB.

If you have any questions, feel free to contact us.

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