Italy has announced the criteria for identifying the economic sectors in which the beneficiaries of the fashion bonus operate

The Ministry of Economic Development (Mise) has just established the criteria for identifying the economic sectors in which the beneficiaries of the fashion bonus operate. The tax credit can be accessed by persons carrying out business activities, operating in the textile and fashion industry, footwear, and leather goods production (textile, fashion, and accessories sectors).

It is, therefore, support intended for sectors that most depend on the seasonality of their products and on fashion trends. The tax credit will become operational with an upcoming provision of the Revenue Agency which will define the terms and procedures for taking advantage of the subsidy.

Applications can be submitted starting from 12.00 on 22 September 2021, exclusively through the IT procedure available on the Invitalia website https://www.invitalia.it.

This all is regarding effects negative from Covid 19. The tax credit will become operational with a future provision of the Revenue Agency which will define the terms and procedures for taking advantage of the subsidy. The measure, contained in the Support Decree bis is valid in 2021 and 2022 and must be calculated as 30% of the value of the final inventories that exceed the average value of the inventories recorded in the three years preceding that of the benefit. The tax credit is recognized up to the exhaustion of the maximum amount of 95 million euros for the year 2021 and 150 million euros for the year 2022.