The Italian tax system is mainly based on the Corporate Income Tax (IRES). It is due on all income produced within the scope of the company. The tax rate has been reduced from 27,5% to 24% starting from January 1st 2017.
In order to calculate the taxable income, it has to be taken into consideration that there is a wide range of expenses that can be deducted from the profit as indicated in the profit and loss accounts.
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