There are two corporate taxes to be paid in Italy. IRES, which is set at 27,50% and IRAP which is set on a regional basis and varies between 3,9% and 8,5% (depends on region and type of company).
Both taxes are payable as follows:
Any balance from the previous year and 40% of the current year's total is payable in mid-June. This can be delayed until mid-July with an added sanction of 0,40%. The remaining 60% balance is payable in November. In recent years, however, the tax authorities have increased this amount, so that companies end up paying over 100% of their expected taxes during the year.
IRAP is calculated on the activity of the company. As a rule of thumb, therefore, it is the total income minus direct productivity expenses (excluding payroll costs).