Italy: 2014 draft Budget Law has been issued
The Italian Government approved on 15 October 2013, as part of its 2014 budget package, a Law Decree (the Decree) regarding the so called “Law of Stability” for 2014. The Decree would be published soon in the Official Gazette and will enter
See MoreItaly: VAT rate will rise to 22% from 1 October 2013
The move to delay the Italian VAT rise to 22% until 1 January 2014 has failed. This means that the Italian VAT rate will rise to 22% from 1 October 2013. Registered businesses should therefore ensure that all necessary procedures are in place to
See MoreItaly-Introduction of daily VAT filings opportunity
To reduce the number of VAT filings, the Italian VAT authorities are set to offer Italian VAT registered businesses the choice of submitting daily VAT declarations. Companies taking this option will not have to complete additional reports such as
See MoreItaly: Update on new VAT declaration
Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian
See MoreItaly: VAT registration threshold has been raised for SME
Governing body of the member states’ VAT system, the EU VAT Directive has offered the scope for countries to increase the threshold of VAT registration for resident companies to up to Euro 100,000. This offers the opportunity for countries to
See MoreItaly: VAT rise may be delayed to 2014
The VAT rise to 22% originally planned in Italy for 2013 may be delayed to 2014. Italy may however fail to meet the 3% budget deficit requirement for 2013 imposed by the European Commission if the VAT rate is not raised. The delay of 3 months is
See MoreItaly: 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
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