The conversion of the Sostegni bis decree into law also rewrites part of the tax calendar for the second half of 2021 and postpones the deadlines for payment of the substitute tax for the revaluation of land and shares held as of Jan. 1, 2021.

In fact, the payment of the first or single installment to access the tax break is postponed to Nov. 15, 2021 (the previous deadline was June 30). Also postponed to Nov. 15 is the deadline for the appraisal required for the purpose of revaluing the purchase price of the aforementioned assets.

With an amendment approved by the House of Representatives, the deadline for payment of the substitute tax for the revaluation of land and equity shares held as of Jan. 1, 2021, slipped to Nov. 15. The same deadline also applies to the appraisal tax. There will be additional time to switch to cash, but the revaluation will always be completed with the affidavit of the aforementioned appraisal and payment of the 11 percent substitute tax by the new deadline. The extended deadline therefore also allows tax residents in Italy who are partners of Romanian companies to prepare the necessary documentation to benefit from the new window.

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