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On 19 December 2019 the Italian Government approved the legislative decree that will limit the existing inbound tax regime by restricting the requirements to be eligible for it and placing a cap on the maximum amount of income being exempted from taxation. The new regime will be applicable to individuals who will become tax resident of Italy in 2024. A grandfathering clause is introduced for individuals who enroll with the Italian Registry for the Resident Population (‘Anagrafe’) by 31 December 2023.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.