State aid: Commission approves €245 million Italian scheme to support the textile, fashion and accessories sector in the context of the coronavirus outbreak

Daily News 10 / 11 / 2021

Economy - published on 11 November 2021
Source: European Commission Spokesperson’s Service

The Commission has approved a €245 million scheme to support companies active in the textile, fashion and accessories sector affected by the coronavirus outbreak.

The scheme was approved under the Temporary
. Under the scheme, the aid will take the form of a tax credit equal to 30% of the value of excess in final inventories recorded in 2020 and 2021, compared to the one registered in
preceding tax periods. The measure will be open to all companies active in the affected sectors. The purpose of the measure is to mitigate the sudden liquidity shortages that eligible
beneficiaries are facing due to the coronavirus outbreak and the restrictive measures that the Italian government had to implement to limit the spread of the virus

The Commission found that the Italian scheme is in line with the conditions set out in the Temporary Framework. In particular, the aid (i) will not exceed €1.8 million per beneficiary; and (ii)
will be granted no later than 31 December 2021. The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member
State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework. On this basis, the Commission has approved the measure under EU State aid rules.

More information on the Temporary Framework and other actions taken by the Commission to address the economic impact of the coronavirus pandemic can be found here. The
non-confidential version of the decision will be made available under the case number SA.100204 in the State aid register on the
Commission’s competition website once any
confidentiality issues have been resolved.

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