HomeInnovationItaly, 50% tax credit for blockchain and other 4.0 investments

Italy, 50% tax credit for blockchain and other 4.0 investments

The decree-law 17.5.22 n. 50 - in introducing in Italy a series of urgent measures to support businesses and workers - extends the tax credit already established for investments in intangible assets 50, eg. blockchain. Up to 70% with regard to training relating thereto.

1) Urgent measures for the productivity of enterprises

The DL 17.5.22 n. 50 introduces'urgent measures on national energy policies, business productivity and investment attraction, as well as on social policies and the Ukrainian crisis'. (1)

Measures of potential interest for companies and workers in Italy concern:

- 'temporary measures to support the liquidity of small and medium-sized enterprises'(Article 16),

- 'fund to support businesses affected by the Ukrainian crisis'(Article 18),

- 'refinancing of the Fund for the development and support of agricultural, fisheries and aquaculture enterprises'(Article 19),

- 'guarantees on mortgages in favor of agricultural, fishing and aquaculture companies which have experienced an increase in energy costs' (Article 20),

- 'increase in tax credit for investments in intangible assets 4.0' (Article 21),

- 'training tax credit 4.0' (Article 22),

- 'fund for strengthening the activity of attracting foreign investments'(Article 25),

- 'urgent provisions on public works contracts'(Article 26),

- 'territorial pacts for higher education for companies'(Article 28),

- 'measures in favor of exporting companies'(Article 29),

- 'one-time allowance (200 €) for employees'(Article 31),

- 'one-time allowance for pensioners and other categories of persons'(Article 32),

- 'fund to support the purchasing power of self-employed workers'(art. 33).

1.1) Tax credit at 50% on blockchain and investments in intangible assets 4.0

'For investments relating to goods included in attachment B to law 11.12.16 n. 232, (2) carried out starting from January 1, 2022 and until December 31, 2022, or by June 30, 2023, provided that by December 31, 2022 the relative order is accepted by the seller and the payment of advances to an extent at least equal to 20% of the acquisition cost, the extent of the tax credit provided for by article 1, paragraph 1058, of law no. 30, is raised to 2020%.

To the charges deriving from this article, valued at € 15,7 million for the year 2022, € 19,6 million for each of the years 2023 and 2024 and € 3,9 million for the year 2025, it is provided pursuant to 'article 58'(DL 17.5.22 n.50 article 21).

1.2) Tax credit up to 70% for training 4.0

'In order to make it more effective the process of technological and digital transformation of small and medium-sized enterprises, with specific reference to the qualification of staff skills, the tax credit rates of 50% and 40% provided for by article 1, paragraph 211, of law no. 27, for training costs for employees aimed at acquiring or consolidating skills in relevant technologies for the technological and digital transformation of companies, increased to 70% and 50% respectively, provided that the training activities are provided by the subjects identified by decree of the Minister of Economic Development to be adopted within thirty days from the date of entry into force of this decree and that the results relating to the acquisition or consolidation of the aforementioned skills are certified according to the procedures established by the same ministerial decree.

With reference to training projects launched after the date of entry into force of this decree that do not meet the conditions set out in paragraph 1, the measures of the tax credit are respectively decreased to 40% and to
35%'(DL 17.5.22 n.50, article 22).

3) Blockchain and digitization in the agri-food chain, why invest today

The economic scenario the period is not favorable and the prospects are anything but rosy. Moreover, the subsidies for 4.0 investments now available go beyond the constraints established in other measures (3,4) and today deserve particular consideration, precisely in the food sector. The reasons are different:

- guarantee product safety to control authorities and international economic operators on the basis of immutable and incorruptible electronic registers. With possible advantages in export procedures, even in the short term, (5)

- enhance the authenticity, integrity and quality of supply chains and products, in the eyes of consumers (6,7),

- optimize processes, thanks to the real-time analysis of flows and other relevant data (KPI, key performance indicators), in a historical period characterized by frequent discontinuities in supplies and volatility of the price lists. (7)

Wiise Chain

The system Wiise Chain - which is part of our benefit societies ecosystem - is based on a blockchain public, with an unbeatable level of IT security guaranteed by the Bitcoin protocol and the interoperability offered by OpenTimeStamps.

The system can be tailored to the needs of each operator, deciding which data to record and to which groups of subjects to make them available, through QR code or even just the barcode.

Costs they are competitive and independent of the numerical variable (number of lots and recorded data), as well as being halved by the tax credit (see par. 1.1). Without requiring any additional work in the organization.

What else to wait?

Dario Dongo

Footnotes to the story

(1) Law Decree 17.5.22, n. 50 (in force since 18.5.22). On Normattiva, https://bit.ly/3ty08vg

(2) Investments in intangible assets 4.0 indicated in Annex B to Law 232/16 on Normattiva, https://bit.ly/3NQb1k7

(3) Andrea Adelmo Della Penna. Sustainable investments 4.0 and blockchain financing, MiSE call. GIFTS (Great Italian Food Trade) 24.4.22,

(4) Dario Dongo, Andrea Adelmo Della Penna. Agricultural SMEs, Fund for Innovative Investments 2022. Blockchain at the center. GIFTS (Great Italian Food Trade). 8.5.22/XNUMX/XNUMX,

(5) Dario Dongo. Agri-food blockchain, from Walmart to the FDA in the USA, Wiise Chain in Italy. To the Web 3. GIFTS (Great Italian Food Trade). 9.2.22/XNUMX/XNUMX,

(6) Dario Dongo, Andrea Adelmo Della Penna. Blockchain, the opportunities for the agri-food and organic supply chains. GIFTS (Great Italian Food Trade). 1.11.20/XNUMX/XNUMX,

(7) Dario Dongo, Andrea Adelmo Della Penna. Public blockchain and agri-food chain, sustainability for those who produce and those who consume. GIFTS (Great Italian Food Trade). 28.2.21/XNUMX/XNUMX, https://www.greatitalianfoodtrade.it/progresso/blockchain-pubblica-e-filiera-agroalimentare-sostenibilità-per-chi-produce-e-chi-consuma

(8) Joe Terino. Supply Chain Reset: A Different Reality Demands a Different Approach. Bain & Company. 31.3.22, https://www.bain.com/insights/supply-chain-reset-a-different-reality-demands-a-different-approach

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Dario Dongo, lawyer and journalist, PhD in international food law, founder of WIISE (FARE - GIFT - Food Times) and Égalité.

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