Italy Extends Tax Relief, Broadens Scope to More Companies

Italy suspended April and May payments for withholding taxes, value-added tax, and social security tax for companies suffering significant losses during the coronavirus pandemic.

• Under a decree adopted Thursday, the extension is available to companies with revenue of less than 50 million euros ($54 million) whose turnover fell by at least one-third in March compared with March 2019, and businesses with revenue of more than 50 million euros whose turnover fell by at least 50% last month.
• Companies of all sizes with tax bases in the provinces hardest hit by ...