This year they are paid more taxes with 730/2024. Every year, when the tax filing season opens, taxpayers start asking themselves a thousand questions to understand if anything changes in terms of payments.
What happens this year with your tax return with model 730? Contrary to what may have been erroneously understood, the taxpayer will not be required to pay a higher amount, but will be able to use the 730 to pay Irpef on income than until last year was not intended to be included in the model. The fear, always widespread in Italy, is that greater taxes are expected to be paid from one tax period to the next.
Starting from 1 January 2024, however, taxation on the income of natural persons has decreased thanks to themerging of the first and second income brackets. If pensioners and employees are seeing the first benefits already in their paychecks since the beginning of the year, the actual extent of the tax reform will only be seen in 2025, when the 2025 tax return for the 2024 tax period will be submitted.
Let’s see, however, what are the new features of the 730 model and which incomes can be included in the model for the payment of Irpef.
The extra taxes that are paid in 730/2024
The changes expected for the 2024 tax return have been illustrated by the Revenue Agency in the instructions attached to the new tax return forms.
The most relevant innovations concern:
- preferential taxation of tips;
- the redefinition of the tax framework regarding sports work;
- the redetermination of deductions for the security sector;
- the modification of the maximum amount on which it is possible to deduct the expenses incurred for the purchase of furniture (furniture bonus);
- the new tax regulations for cryptocurrencies;
- the news regarding the incremental flat tax;
- the possibility of including income from foreign capital in the 730 form.
The innovations, therefore, allow the inclusion of greater income items within the 730 model, which in fact allows, therefore, pay more taxes than last year.
What new taxes does the 730 form include?
Leaving aside the new features of the 730 model that do not specifically concern the payment of taxes, such as the redetermination of the deduction for the security sector and the change in the limit amount of the furniture bonus, let’s take a look at the new declarative possibilities that the 730 model offers in 2024.
As for the preferential taxation of tips the innovation provides for a substitute tax of 5% to be applied to tips received during 2023 by employees of accommodation facilities and food and drink administration establishments. These workers will be required to report tip amounts on Form 730.
Where do you enter tips? In the section VII, line C16. In this part of the 730 form the tips present in the form must be indicated Cu at points 652, 653 and 654. The worker will have to choose whether to confirm the taxation carried out by the withholding agent or not. In any case, line C16 must be completed whether the taxation applied is confirmed or modified.
Another fundamental innovation of the 730/2024 is represented by the new tax regulations for sports work: income earned up to 30 June 2023 is configured as “other income”, while that received from 1 July to 31 December 2023 falls under income from employment or similar (or from self-employment, depending on the contractual framework)
The income received must be indicated in panel C of the 730 model (or in the RC framework of the Income model).
What changes for cryptocurrencies?
An important innovation in the 730 form is represented by the taxation of crypto assets which must be taxed on the capital gain at the time of transfer or must be declared as held when they are owned.
In the 730 model, in practice, it has to be completed the W table (in the Income model the Rw framework). By completing part W of the 730 form, in fact, it is no longer necessary to integrate the declaration with the presentation of the Income form. How is the W form filled out?
From line W1 to the following lines, for each line, each asset held abroad or each crypto asset must be indicated:
- in field 1 the number 1 is indicated in case of possession of the crypto;
- in field 2 code 2 is indicated if the taxpayer who declares is the beneficial owner;
- in field 3 the identification code of the asset must be indicated which in the case of cryptocurrencies is code 21;
- in field 4 the foreign code is indicated, but this is a non-mandatory field;
- field 5 indicates the percentage ownership of the investment;
- in field 6 the code 1 must be indicated for the market value;
- in field 7, the value of the cryptocurrencies at the beginning of the tax period (or the first day of holding if after January 1, 2023);
- in field 8 the final value is indicated, i.e. that of transfer or at the end of the tax period;
- in field 10 the number of days the cryptocurrency has been held must be indicated;
- in field 16 the box must be crossed in the case of fulfillment of the declaration obligation only for tax monitoring purposes.
