Income Tax Relief
In order to foster economic growth, art. 5 of the, “Decreto Crescita” which was passed in to Italian law in December 2019, provides for significant changes to the income tax system for anyone who transfers their tax residence to Italy from 2020. The law is retrospectively applicable to anyone who transferred their tax residence to Italy from 30th April, 2019.
The legislation on income tax extends to foreign football players and other professional sportsmen and women. The law establishes a 50% reduction on income tax and applies for 5 years provided that the sports professional maintains their tax residence in Italy for at least two years.(more…)