What's new about the incentives for buying new furniture that the Italian government has prepared for 2023? Those who want to furnish their house or renovate their bathroom will be able to take advantage of a 50% discount on the purchase of new furniture or sanitaryware, according to the new rules of the 2023 Budget Law. Here are the main innovations.
New furniture and home appliances in 2023, how do the incentives work?
The main requirement, which was already provided for incentives for new furniture in 2022, remains unchanged. Therefore, the rebate for the purchase of new furniture, furnishings and household appliances can only be claimed if the renovation work affects the entire building.
However, as in previous years, it is not necessary for the renovation to include the part of the building to be refurnished. For example, if a taxpayer plans to renovate the kitchen, he or she can claim the tax deduction for the purchase of new furniture, but also for the purchase of sanitaryware and bathroom accessories.
Statutory spending caps for the use of grant funds in 2023
The maximum limit for the purchase of new furniture in 2023 is 8,000 euros. Of this amount, the taxpayer can claim back 50% (i.e., a maximum of 4,000 euros).
For example, if the taxpayer decides to purchase new bathroom furniture for the building being renovated for a total amount of 4,000 euros, he or she can be reimbursed 2,000 euros. If the same taxpayer decides to renovate the living room as well as the bathroom furniture, spending a total of 10,000 euros, he can only claim a tax deduction of 4,000 euros in his tax return, as this is the maximum deductible amount.
Deductible expenses for the purchase of new furniture in 2023 include the costs of design, transportation, delivery, and installation, provided they are paid only with traceable means of payment. To qualify for the IRPEF deduction, payment must be made by credit card, bank/mail transfer, or other traceable means. Cash payments will result in forfeiture of the right to reimbursement.
How to get incentives for buying new furniture in 2023
The incentive for the purchase of new furniture is recognised when filling out your tax return. Therefore, all documents (invoices and payment receipts) must be kept so that they can be submitted to the tax advisor along with the permits certifying the renovation work.
The incentive for the purchase of new furniture in 2023 will be repaid in the form of an IRPEF (income tax) deduction in ten equal annual instalments. This means that if the taxpayer is able to claim a deduction equal to the maximum limit, he will receive 400 euros back every year for ten years