Italy: First payment of municipal real estate tax abolished
Law Decree No. 102/2013, providing for urgent measures with regard to the municipal real estate tax (IMU), was published in the Official Gazette No. 204, Ordinary Supplement No. 66 on 31 August 2013. The first payment of the IMU for 2013,
See MoreItaly: Decree on Final Exit Tax has been published
The Ministerial Decree of 2 August 2013 is implementing new rules on 12th August 2013 regarding the income tax treatment of the migration of Italian companies which was published in the Italian Official Gazette n. 188/2013. According to the Decree,
See MoreItaly: Requirement of additional anti-fraud reporting on taxable supplies
All resident companies in Italian are now obliged by the Italian tax office to produce an annual report detailing all individual supplies (both sales and supplies received) of goods or services above Euro 3,600 to other businesses or consumers. In
See MoreItaly: Approval of new nonresident forms for mitigation of withholding taxes
The Italian tax authorities released revised and updated versions of forms on 11 July 2013 which is to be used by non-residents in filing claims for an exemption, refund or reduction of Italian taxes on dividends, interest, royalties and other
See MoreItaly: 1% VAT rise has been delayed until 1 October 2013
The Italian government announced on 26 June 2013 that the introduction of the increased rate of value added tax (VAT) will be deferred to 1 October 2013. The VAT rate will remain at 21% until October 2013. The VAT rate was originally scheduled to
See MoreItaly: suspension of the first payment of the municipal real estate tax
Law Decree No. 54/2013, regulating the suspension of the first payment of the municipal real estate tax, was published in Official Gazette No. 117 on 21 May 2013. According to articles 1 and 2 of the Law Decree, the first municipal real estate tax
See MoreItaly: Report on international standard rulings
The tax authorities in Italy have issued a second International Standard Ruling Report. This provides statistics on the tax ruling system. Any enterprise that has international activities may apply for the process known as an international tax
See MoreTax treaty between Hong Kong and Italy has been signed
Hong Kong has signed an agreement on 14 January 2013 with Italy for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The agreement generally follows the provisions of the OECD Model and has
See MoreItalian Law Decree aims at incentives for start-up companies
The Italian Government has approved Law Decree, No. 179 of 18 October 2012, which has been published in Official Gazette No. 194. The Decree introduces incentives for innovative start-up companies, to encourage economic growth. For the first time
See MoreItaly achieves increased tax revenues in first half 2012
Following the tax increases which formed the major part of recent packages intended to reduce Italy’s fiscal deficit, it was perhaps unsurprising when the Italian Economy and Finance Ministry was able to announce that tax revenues in the first
See MoreItaly introduces tax measures for growth
The Italian government has issued its long-awaited decree aimed at boosting growth in the economy, particularly through tax incentives for construction companies, infrastructure projects and energy efficiency. Corrado Passera, the Economic
See MoreItaly- Recent developments on MAPs
The ITA released on 5 June 2012 Circular 21/E/2012, to provide guidance to local tax offices on the application of Mutual Agreement Procedures (MAPs). According to the Circular the rules governing the MAP process have to be found in the respective
See MoreItaly- Tax Court Renders Decision on “Best Method” Rule
Recently Italy’s Regional Tax Court of Lazio has given an important decision regarding the selection of methods for determining inter-company prices. An Italian company acting as toll manufacturer on behalf of a related foreign company, set
See MoreSettlement of Small Tax Debts by 120,000 Italians
120,000 taxpayers have taken the opportunity to settle their small tax debts with the Revenue Agency In accordance with the tax administration provisions of the Italian budget approved in July 2011. From July, by immediately paying the tax due,
See More“Save Italy” Budget is approved
The Italian government has finally approved the "Save Italy" budget with few modifications, except for those previously agreed by the government. Despite continued opposition from different groups, especially, the trade union to the pension reforms
See MoreAn attempt of rapprochement on tax between Italy and Switzerland
To unblock the stalled negotiations for a double taxation agreement (DTA) between Italy and Switzerland, an attempt has been made, during a meeting organised by the Italian Senate’s Foreign Affairs Committee. In fact, there has been a
See MoreBudget bill is changed again in Italy
Instead of the previous 5% tax to be levied on annual personal incomes higher than EUR90,000 (USD126,300), now people have to pay 10% on annual incomes over EUR150,000, an additional rate of 3% will now be applied on all personal incomes over
See MoreItaly: VAT rate increases
The Italian Parliament has agreed to an emergency 1% rise of VAT from 17 September 2011. Though the rise was originally submitted in June 2011, and was scheduled for January 2014. But due to instability in the financial market, the government took
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