An end to the assignment of tax credits: farewell to fiscal currency

With a decree published in the Official Gazette on 16 February 2023 and therefore in force from 17 February 2023, the era of the invoice discount arising from building work for energy upgrading and improvement, earthquake-proofing and façades comes to an end.

G.T.M. 18 February 2023 3 minute read

An end to the assignment of credits: Decree 11 of 2023

An end to the assignment of credits: on 16 February 2023 a decree was published in the Official Gazette that will end the era of invoice discounts, becoming operative on 17 February 2023. The decree prohibits the assignment of tax credits arising from regulated works such as the Superbonus, Ecobonus, façade bonus, earthquake bonus and more.

What are the provisions of the decree?

In brief, the decree provides that:

Building work cannot be assigned, or subsequently discounted on the invoice.

Regions are prohibited from purchasing credits.

Those who have applied the discount and the assignees who benefit from it will not bear joint liability for the credits received.
The key point is therefore the limitation of liability for suppliers who have applied the discount and for the assignees who have purchased it.

It is not the end of the bonuses

Tax bonuses can be used by anyone, simply by carrying out the work at their own expense and then claiming the tax deduction when filing their tax return. This mechanism was already in place before it became possible to assign credits on invoices or to third parties, and is based on individual tax capacity. Those with greater tax capacity will be able to benefit more.

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Who is excluded from the decree

Italian law always looks forward and has no retroactive effect. This means that when laws change, there is a precise “moment” that marks the dividing line between what was previously approved and what subsequently comes into force. Those who can still benefit from the assignment of credit are as follows:

Those who submitted the CILA before the decree came into force. The CILA is an authorisation document that proves the start of works. The document is called CILAS where work subject to the Superbonus begins after the simplification rules.

Where another building permit was submitted before the start of the work.

Where work that requires no building permit has already begun.

We always recommend seeking verification from a professional, who can analyse the situation in doubtful cases.

The positions

The main concern of the trade associations is that the decree could slow down construction site activity, causing a drop in the turnover of building firms and their supply chains and, in the near future, in employment.

On the other hand, the Government considers it unsustainable for its coffers to grant credit, owing to a sharp rise in debt caused by past and present emergency periods (such as the Covid period) and by the energy cost emergency.
Workers’ unions see the danger of a fall in employment. Banks may have reached the limit of their tax capacity, having already filled up on credits.
The great absentee in these legitimate positions is the environment.

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An end to the assignment of tax credits: farewell to fiscal currency

An end to the assignment of credits: Decree 11 of 2023

What are the provisions of the decree?

It is not the end of the bonuses

Who is excluded from the decree

The positions

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An end to the assignment of credits: Decree 11 of 2023

What are the provisions of the decree?

It is not the end of the bonuses

Who is excluded from the decree

The positions

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Rispettiamo la tua privacy