2024 draft budget
As we approach the close of 2023, countries will likely reveal their fiscal plans for the upcoming calendar year.
Italy’s draft budget proposes to increase VAT on specific products from 5% to 10%, particularly relating to food products such as powdered or liquid milk for young children.
It has also set a firm date for the introduction of the plastic tax, which is now set to take effect from 1 July 2024.
Italy is a critical market for Kofax and our e-invoicing solution in the country supports all valid VAT rates in the country.
Kofax today already supports Plastic Tax initiatives in the United Kingdom and Spain. Kofax is also cognizant of growing surge concerning Environmental, Social and Governance (ESG) taxes, which are set to dominate the tax terrain in the coming years. Kofax will consider our obligations and capability to support the Plastic Tax in Italy, as well as wider obligations in respect of ESG taxes, as it is becoming increasingly apparent that governments globally are endeavouring to find new ways to combat wider social agendas through fiscal strategies.