REDDITI 2024 - income tax return for the year 2023 for individuals - information and required documents

REDDITI 2024 for individuals (without VAT number)

Should you wish to instruct our firm to prepare your tax return for the year 2023, we kindly ask you to send us the relevant documents by Friday, 24 May 2024.

Enclosed you will find a list of the documents required for this purpose (see Annexes A, B and C).

Payments

The IRPEF balance payment for the year 2023, as well as the first instalment of the IRPEF advance payment and of the regional IRPEF surtax for the year 2024, are due before the filing deadline of the tax return, namely by Monday, 1 July 2024 (30 June falls on a Sunday) or, with a 0,4% surcharge, by 31 July 2024. It is possible to pay in instalments (a maximum of 6 monthly instalments up to the month of November 2024), whereby the last instalment is due on 02 December 2024 (30 November falls on a Saturday) and interest of 4% per annum (equal to 0,33% per month) must be calculated. The first IMU instalment, on the other hand, is already due by Monday, 17 June 2024 (16 June falls on a Sunday).

The second instalment of the IRPEF advance payment and of the regional IRPEF surtax for the year 2024 is due on 2 December 2024.

An IRPEF liability or IRPEF credit of an insignificant amount, i.e. up to Euro 12,00 (corresponding to the minimum amount for IRPEF payments due), is not owed and cannot be refunded or offset.

We remind you that, since 3 December 2016, private individuals without a VAT number may again submit the F24 payment forms to the bank for payment, even where the amount of 1.000 Euro is exceeded. It should also be noted that all taxpayers who have to file F24 forms with a 0 balance must do so via Entratel or Fisconline and may not send them via home banking or internet banking.

IRPEF rates

The 2024 Budget Law introduced several changes to the structure of IRPEF. In particular, the income brackets and the corresponding rates for calculating IRPEF tax were reduced from four to three.

Below is an overview of the new income brackets and rates.

Dependent family members

As of 1.3.2022 there are changes to the tax deductions for dependent children pursuant to Article 12 TUIR.

As of that date,

• the tax deductions may only be calculated for dependent children aged 21 and over;
• the tax deductions are replaced by a form of family allowance, the "assegno unico", paid by INPS (a specific application is required for this) for dependent children under 21 years of age and for disabled children of any age.

Allocation of 8‰, 5‰ and 2‰

For the year 2023 it is possible, as in previous years, to allocate a share of 5‰ of the tax due to the municipality of residence, for social purposes or to non-profit organisations, etc., a share of 8‰ to religious denominations, and a share of 2‰ to political parties.

It is also possible to allocate the 5‰ solely to amateur sports clubs, provided they are entered in the national register of amateur sports clubs and carry out a relevant activity of social interest.

Please note that this choice entails no additional cost for you. Please let us know, where applicable, the name and the tax code of the organisation to which you wish to allocate the 5‰, 8‰ or 2‰.

Extension of the scope of application of Form 730

As from this year it is possible to use Form 730 also for the declaration of certain income for which, until now, Form REDDITI PF had to be filed.

In particular, it is now possible to file Form 730 in order to:

• report the details of the revaluation of land pursuant to Article 2 of Law Decree No. 282 of 24 December 2002;
• declare certain investment income from foreign sources received without a resident intermediary.
• fulfil the obligations relating to foreign investments and assets of a financial nature held in ownership or under other rights in rem, and determine the substitute taxes due in this respect (IVAFE, IVIE and crypto-asset tax);

Filing and transmission deadline

The "REDDITI 2024" tax return for income of the year 2023 must be transmitted electronically by 15 October 2024. The electronic transmission may be carried out by the taxpayer himself, at the Italian Revenue Agency or by an authorised intermediary (e.g. auditors and tax advisors).

A few exceptions remain in which the tax return may still be submitted in paper form at the post office, but this must be done within the shorter deadline of 1 July 2024 (30 June falls on a Sunday).

Certificate of conformity

If a tax credit exceeding Euro 5.000,00 is designated for horizontal offsetting, the tax return must be accompanied by a certificate of conformity.

Annex:

• Annex A: List of the documents required for preparing the tax return
• Annex B: other income
• Annex C: deductible expenses