The Italian Senate has approved the “Milleproroghe 2026” decree, extending a range of measures impacting fiscal policy, infrastructure, and administrative procedures. The legislation, finalized on February 25th, introduces delays to several key deadlines and confirms a series of previously approved extensions, according to reports from Investireoggi and Informazionefiscale.
A significant element of the decree concerns Value Added Tax (VAT) regulations. The implementation of a revised system for VAT rectification, linked to Article 19-bis2 of the Italian Presidential Decree 633/72, has been postponed until January 1, 2027. This delay aligns the changes with the broader restructuring of VAT rules outlined in Legislative Decree 10/2026, which aims to comprehensively update the regulations surrounding VAT rectification procedures. Existing rectification processes initiated before January 1, 2027, will remain valid, and actions taken prior to the decree’s enactment are also protected, Investireoggi reported.
The decree also addresses municipal taxes (TARI), granting a further extension for local authorities to finalize their TARI deliberations. This measure provides municipalities with additional time to assess and approve local tax rates, as noted by Informazionefiscale. The legislation confirms a pause on automatic increases to road traffic fines linked to inflation, holding those increases in abeyance until 2027.
Several other measures received extensions. The decree extends the validity of guarantees provided by the Italian Guarantee Fund for Small and Medium-sized Enterprises (PMI) until December 31, 2026, maintaining the existing coverage levels for investments and liquidity needs. Remote shareholder meetings and electronic voting are also permitted until September 30, 2026, continuing a practice initially introduced during the COVID-19 pandemic. Obligations for businesses to secure insurance against catastrophic risks have been extended to April 1, 2026, for companies in the fishing and aquaculture sectors, and micro and small businesses in tourism and food service.
Notably, the decree does not include the reinstatement of a debt restructuring program (“rottamazione-quinquies”) or the suspension of a €2 import levy on low-value goods, despite expectations that these measures would be included, according to Investireoggi.
The approved text now awaits publication in the Official Gazette to come into effect. The implementation of several new tax codes, including those for administrative and criminal tax sanctions, minor taxes, tax justice, payments and collections, and registration and indirect taxes, have all been delayed until 2027, as reported by Fiscoetasse.
