Italy: Setting up new rules and regulations on pharmaceutical companies regarding VAT and Paybacks
New rules has been brought on pharmaceutical companies regarding VAT and Paybacks which has been already undergone since 1st January 2018, mostly instructing for the inclusion of VATs in different forms of Paybacks. According to the new rule any
See MoreItaly: Parliament Approves 2018 Budget Law
The Italian Parliament approved the Budget Law on 23rd December 2017 and it will come into force on 1st January 2018. The law prolongs the extra-amortization regime for entities investing in new assets between 1st January 2018 and 31st January 2018
See MoreItaly: Approves budget Law for 2018
The Italian Budget Law for 2018 (Law no. 205 of 27 December 2017) published on 29 December 2017 and entered into force on 1 January 2018. Some of its most significant corporate tax measures are summarized below: Dividends: Dividends from
See MoreItaly: Approval of 2018 Budget Bill including new tax on digital services
The main agenda of this Bill being approved by the Italian Senate was to offset differences on tax on digital services so that it can target large multinational companies like Facebook, Apple and Google providing digital services in Italy. Italy has
See MoreItaly: Italian Revenue Agency taking implementing procedures for Country-by-Country Reporting (CbCR)
New law has been introduced by the Italian Revenue Agency for the execution of CbCR concerning the medium of presentation of the reports in Italy which is in the same radar with the OECD recommendations and the EU Directions. It is mainly implied on
See MoreItaly: Provisions for new patent box regime
Italian Government issued an additional Decree to amend the Italian Patent Box regime in order to streamline the existing differences between the Italian rules and the OECD recommendations set forth under Base Erosion and Profit Shifting (BEPS)
See MoreItaly: Tax authority extends the due date for filing the CbC report
On December 11, the tax authority issued a Measure n. 288555 extending the due date for filing the CbC report for fiscal year 2016 from 31 December 2017 to 9 February 2018 within 60 days following the measure’s publication
See MoreItaly: Updates definition of permanent establishment
The Italian Senate approved the draft Budget Law for 2018 on 30 November 2017. The draft illustrated the definition of the domestic permanent establishment (PE) as per the definition proposed by the OECD in the BEPS Action 7 Final Report. The draft
See MoreItaly: CbC reporting requirements
The Italian Tax Authorities (ITA) issued a Protocol No. 275956 of 28 November 2017, regarding the change in the CBC reporting requirements. The Protocol instructs further implementation rules regarding the Law 208 issued on 28 December
See MoreItaly: Proposes changes to capital gains on ‘qualifying shares’
Recently, the draft budget law 2018 proposed an increase in taxes applicable to gains realized on the disposal of “qualifying shares” of Italian companies. According to the proposed budget law those which will be representing more than 20% of
See MoreU.S. and Italy sign an agreement on the exchange of CbC reports
According to an IRS announcement on its website, the competent authorities of the U.S. and Italy have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreItaly: Updated annual VAT declaration from 2018
Italy updated their annual VAT declaration process that will be effective from 2018. Italy changed the reporting frequency of VAT invoice listing submission from quarterly to bi-annually. There will also be various specific clarification on the
See MoreItaly: Cabinet approves 2018 budget bill
The Council of Ministers of Italy approved the draft Budget Law for 2018 on 16 October 2017. The main tax measures according to the approved Budget law are as follows: -incentives specifically on the temporary accelerated depreciation regime, the
See MoreU.S. signs agreements on the exchange of CbC reports with five countries
According to an IRS announcement on its website, it has signed separate agreements with the Czech Republic, Finland, Greece, Italy, and Sweden to exchange country-by-country reports on multinationals. Country-by-Country reporting data will be
See MoreItaly: New anti-avoidance measures under the “allowance for corporate equity”
In Italy, a new decree which was published in the official gazette on 11 August 2017 modifies the existing anti-avoidance rules under the “allowance for corporate equity” regime in such a way that duplications of the tax benefit within a group
See MorePakistan: Cabinet approves amending taxation treaties with Finland, Italy, and Turkey
The federal cabinet on 7 September 2017, approved amending the existing conventions of avoidance of double taxation treaties with Finland, Italy, and Turkey. The cabinet, which chaired by Prime Minister Shahid Khaqan Abbasi, given approval to amend
See MoreItaly: Deadline for 2016 Tax Return extended
The Decree of 26 July 2017 from the President of the Italian Council of Ministers was published in the Official Gazette on 28 July 2017. According to the Decree, the deadline to submit the annual tax return (corporate income tax (IRES), regional tax
See MoreItaly: Revised transfer pricing rules
Decree No. 50 published on 24 April 2017 was implemented on 15 June 2017. According to Article 59 of Decree Law No 50/2017, a corresponding downward adjustment leading to a lower taxable income will no longer be subject to a mutual agreement
See More