As part of efforts by the Italian Revenue Agency to increase the scrutiny of tax compliance reports by banks and other financial institutions containing statistics of transactions for 2012 were due to be submitted by March 31, 2014. The scrutiny of reports from third parties is one method of detecting under reporting by taxpayers and is one of the tools used to close the tax gap, which is very wide in Italy. Financial institutions in particular can provide the tax authorities with valuable information about the income and expenses of taxpayers. The details provided by the financial institutions will be used by the tax authorities to compile a list of persons who are high risk in terms of tax evasion. The information will be supplemented by examination of the spending and investing behavior of the individuals or companies compared to their tax returns.
Ireland – Taxation of Termination Payments Challenged
Lithuania – VAT and excise tax updates
Related Posts
Italy clarifies GMT penalties, 90-day return cutoff under voluntary disclosure, centralised GloBE filings
The Italian Revenue Agency has published a new FAQ on the Pillar Two Global Minimum Tax (GMT) on 17 July 2026, expanding on the guidance first issued on 29 May 2026. While the original FAQs covered topics such as reporting obligations, safe
Read MoreItaly clarifies no gift or inheritance tax on trust dissolution without beneficiary transfer
The Italian Revenue Agency confirmed on 17 July 2026 that dissolving a trust and returning assets to the settlor triggers no gift or inheritance tax, provided no beneficiaries receive the property. Response no. 146 of 16 July 2026 clarifies a
Read More
Italy: EU Council extends VAT split-payment derogation until June 2029
Italy has received approval to continue applying its VAT split-payment system following the adoption, without discussion, of an EU Council Implementing Decision at the Economic and Financial Affairs (ECOFIN) Council meeting held on 10 July
Read More
Italy confirms transition 4.0 tax credits survive corporate restructuring if business continuity is maintained
Italy’s Revenue Agency has issued Response no. 139 on 10 July 2026, confirming that companies undergoing severe corporate restructuring do not automatically forfeit their Transition 4.0 tax credits. The ruling emphasises that the true deciding
Read MoreItaly tax authority confirms SAFE investments qualify for 65% IRPEF deduction
Italy’s Revenue Agency has clarified on 8 July 2026 that Simple Agreements for Future Equity (SAFE) contracts used by early-stage startups meet the definition of "convertible investments" and therefore qualify for the 65% individual income tax
Read More
Italy gazettes consolidated Income Tax Code effective from 2027
Italy has published Legislative Decree No. 117 of 19 June 2026 in the Official Gazette, introducing a new consolidated Income Tax Code (Testo Unico delle disposizioni legislative in materia di imposte sui redditi) that will apply from 1 January
Read More