ZES unica: completing projects by 31 December 2026

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Il Sole 24 Ore of 22 October 2026 (Norme e Tributi, by Roberto Lenzi) draws the attention of businesses with a 2026 ZES unica project to the time needed to complete their investments. In the absence of clarification on whether a three-year programme can be spread over several years, the article suggests the prudent course of completing projects by 31 December 2026 where possible, keeping building works within 50% of the expenditure. This note summarises the issue, the reference legislation and practice, and the checks to carry out in the weeks that remain.

Reference framework

The tax credit for investments in the ZES unica is governed by Art. 16 of Decree-Law No. 124 of 19 September 2023 (converted by Law No. 162 of 13 November 2023), as extended for the period 2026-2028. For 2026, eligible investments are those made from 1 January to 31 December 2026. The procedural steps are as follows.

StepDeadlineReference
2026 investments1 January to 31 December 2026Art. 16 D.L. 124/2023; Revenue Agency Reply No. 169/2026
Preliminary communication31 March to 30 May 2026Revenue Agency Director’s Provision of 30 January 2026, No. 3882
Supplementary communication3 to 17 January 2027, on pain of forfeitureRevenue Agency Reply No. 169/2026

The supplementary communication certifies that the investments indicated in the preliminary communication have been made. Eligible investments must form part of an initial investment project within the meaning of Art. 2, points 49-51, of Regulation (EU) No. 651/2014 (GBER). According to Reply No. 169/2026, the project starts with the first legally binding commitment to order the assets, or with any other commitment that makes the investment irreversible, if earlier. The time at which an investment is made is determined under Arts. 109(1) and (2) and 110 of the Italian Income Tax Code (TUIR), regardless of the accounting standards adopted.

The Sole 24 Ore article also refers to the limit of 50% of expenditure for building works.

The open point: the multi-year programme

According to the article, it has not been clarified whether a three-year programme may provide for building works in one year and the purchase of machinery in one or more later years, while retaining all the requirements for the benefit. The issue mainly concerns complex projects, in which the construction, extension or adaptation of buildings accounts for a significant share of the total investment.

The article also points to a limitation of the forms: the available templates do not seem to allow a clear multi-year breakdown of the programme for real estate investments. The lack of a dedicated section does not, in itself, prove that a multi-year allocation is prohibited, but it is a source of operational uncertainty. On this point the author notes that “there is no confirmation that a progress payment is eligible” and hopes for a timely clarification from the competent authorities.

As far as can be gathered from the text of Reply No. 169/2026, the Revenue Agency does not set a specific project duration beyond the 2026-2028 incentive period, and refers to the supplementary communication for certifying the investments made. As at the date of this note, we are not aware of any official guidance that would allow the split of building works and machinery between tax years to be taken for granted.

When an investment is deemed made

The Agency’s reference to Arts. 109(1) and (2) and 110 TUIR makes the accrual rule of Art. 109(2) relevant: for movable assets, the expenditure is deemed incurred on the date of delivery or shipment, or on the date on which title passes if later; for services, on the date they are completed.

The Firm’s prudent reading, to be verified case by case: for works carried out under a contract, which are treated as services, the completion criterion suggests that works not completed by 31 December 2026 may not count towards 2026, and that neither the issue of an invoice nor the payment of a progress payment is, on its own, sufficient. This is the same caution that emerges from the article and that explains the advice to complete works by the end of the year.

What to check by 31 December 2026

  1. Identify, for each project, the investments not yet completed and the expected date of delivery, testing or completion of the works.
  2. Recalculate the ratio of building works to total project expenditure, taking into account any items that might slip into 2027.
  3. Align contracts and schedules with the deadline: machinery delivery times, penalties, completion certificates, testing.
  4. Keep the documentation proving the date of delivery and completion (transport documents, certificates, test reports).
  5. Check whether the preliminary communication includes investments that will not be made in 2026 and assess the effect on the supplementary communication of 3-17 January 2027.
  6. Follow updates from the Revenue Agency, the ZES Mission Unit and the forms until the end of the year.

Sources

Disclaimer

This article is for general information only. It does not constitute professional opinion or advice, does not take into account the specific circumstances of individual projects, and entails no assumption of liability on the part of the author. Assessing a specific case requires examining the facts and the documentation. The legislation and guidance cited are stated as at the date of publication.

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