Guide to tax breaks for building renovations

The updated version of the guide to tax benefits for building renovations is online.

Last month the Revenue Agency uploaded a new version of the tax guide on building renovations. The update takes into account the latest innovations introduced by the 2018 Budget Law, starting with the extension of the Irpef deduction raised to 50% for another year. An important clarification should be made for the reduced 10 percent VAT for the lift installation, as a consequence of the authentic interpretation rule included in the aforementioned Budget Law which reiterated the obligation to take into account "significant assets" in the invoice, including the lift (Law n. 205/2017, art. 1 c. 19). It is clarified and reiterated that the invoice relating to the contract for the installation of the lift must necessarily indicate the value of the lift "asset", and that the 10% rate is applied according to the mechanism described in paragraph 1.3. 1 of the Guide. On this point, the 2018 Budget Law specifies that "Non-conforming behaviors held up to the date of entry into force of this law are excepted," thereby implying that non-conforming behaviors held after the entry into force of the law will be penalized.

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The Agency's press release