Italy gives hard up football clubs more time to pay their taxes

ROME: Italy on Wednesday approved a measure allowing soccer clubs to settle their tax arrears over 60 instalments to be paid by 2027, responding to lobbying from hard-pressed teams whose finances were hit by COVID-19 lockdowns.

The amnesty, presented as an amendment to the 2023 budget, gives clubs preferential treatment for paying some €900 million (US$956 million) in taxes which were due on Dec 22.

Under the measure, the clubs will pay a small fine amounting to 3 per cent of the outstanding taxes and will not suffer any sporting sanctions.

It applies to all sports clubs, but by far the biggest beneficiaries are the teams in Italy's top-flight Serie A soccer league, which have together run up some €500 million of back taxes, lawmakers said.

The budget must be approved by both houses of parliament before the end of the year.