Pos, the tax credit rises to 100%: here are all the requirements for tax breaks
After the sudden stop of the cashback, the State reimbursement mechanism of 10% on expenses made with credit cards, debit cards and payment applications, the consequent social and political storm, the partial turnaround by Prime Minister Mario Draghi which has promised a reinstatement of the measure in 2022, the government seeks new roads to facilitate and encourage card payments.
TO end of June the new decree law no. 99, containing various urgent measures: from “tax matters”, to labor and consumer protection, up to support for businesses. In particular, a focus is on the strengthening of tax concessions relating to the tax credit on commissions for i electronic payments, specified in article 1 paragraph 10. Measures that the State has tried to encourage for some time: for those who have pos and other useful tools for no-cash payments the tax discount is of 30%. But now there are also news for the traders and professionals who will enjoy a tax credit of 100% of the commissions, in order to cover all expenses.
Pos, stop on commission costs for shopkeepers and restaurants: the requirements
But, be careful: only to certain conditions. First, the pos must be connected to the systems of the Revenue Agency, in order to immediately transmit all the data, in addition the tax advantage is only valid for companies or individuals with a VAT number with a turnover up to 400 thousand euros a year. The last point concerns the time period: it is a valid tax aid from 1 July 2020 to 30 June 2022.
Furthermore, it reads that “in order to incentivize the purchase, rental or use of tools that allow electronic payments, such as pos or software tools, and that are connected to the tools by which to fulfill the obligation of electronic storage and telematic transmission of payment data, to date, in particular, telematic cash registers ” .
This means that a benefit even to merchants, through one tax discount thanks to the purchase or rental of means useful for electronic transactions, regardless of turnover, but taking into account the changes in income. Here are some numbers: for those who declare less than 200 thousand the tax credit reaches 70 percent of the expenses incurred, 40 percent between 200 thousand and 1 million, and to scale 10 percent for rewards from 1 million up to 5 million of Euro.