Italy: New anti-avoidance rules
The Italian Parliament approved the Law no. 23 of 2014 in March 2014 empowering the government to enact a partial reform of the Italian fiscal system. The government will adopt legislative decrees for the amendment of the Italian abuse of law and
See MoreItaly – Reduced rates of IRAP regional tax
Decreto-Legge n 66/2014 which was published on 24 April 2014 reduces the rates of the regional tax on productive activities (IRAP). This amendment is awaiting ratification from parliament within 60 days but could be subject to further alterations
See MoreItaly Expands Employee Productivity Tax Incentive
Italy has extended into 2014 the reduced individual income tax rate for earnings from work arrangements that increase corporate productivity. This lower 10 percent rate was first introduced in 2008 and has been extended in the 2014 budget.
See MoreItaly: Small businesses consider tax cut to be insufficient
In Italy the association representing small and medium-sized enterprises, has suggested that the government’s plan to reduce the regional tax on production activities (IRAP) by 10 percent will only bring a very small measure of assistance to
See MoreItaly: Government reduces IRAP rate and enacts other tax measures
Law Decree no. 66 published in the Official Gazette on 24 April 2014 confirms certain tax changes that were previously announced on 12 March 2014. The measures include a reduction of the regional tax on productive activities (IRAP) from a standard
See MoreItaly Introduces e-advertising Tax Legislation
Italy has introduced a tax measure under which foreign companies must apply for a VAT number if they intend to engage in the sale of online advertising to enterprises in Italy. This measure is to take effect on 1 July 2014. The delay in carrying out
See MoreItaly: Cabinet Approves Tax Cuts
The Italian government has approved tax cuts that are aimed at lifting some of the tax burden from individuals and at encouraging businesses. The reductions are therefore intended to reduce the high tax burden and to lead to a further improvement in
See MoreItaly Consults on FATCA Agreement with US
Italy commenced a consultation on 23 April 2014 on the content of the inter-governmental agreement (IGA), concluded on 10 January 2014, to carry out the requirements of the Foreign Account Tax Compliance Act (FATCA) between Italy and the United
See MoreItaly: New Risk-based System of Tax Enforcement
The Italian Revenue Agency is attaching great importance to its examination of taxpayers in certain areas under a newly devised risk-based system. The risk-based approach is designed to take into account the area of the country where the taxpayer
See MoreItaly Confirms Tax Cuts
The Italian Government has issued a three-year Economic and Financial Document (DEF), which includes both individual and corporate income tax reductions. The individual income tax reductions will benefit lower income taxpayers. With effect from 1
See MoreItaly receives further Financial Transaction Reports
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
See MoreItaly: Italian 2012 Tax Returns Suggest Compliance Gap
Italian statistics in respect of tax returns suggest that Italians on average declared income of around EUR19,750 (USD27,200) in the 2012 fiscal year. Although the government has been encouraging more tax compliance, the number of taxpayers sending
See MoreRussia: treaty between Russia and Italy clarified by the Ministry of Finance
Letter No. 03-08-РЗ/10213 published by the Russian Finance Ministry explains the position with respect to dividends paid by Russian companies to Italian parent companies. The participation exemption is available if the parent company meets a 365
See MoreItalian Red Tape Reduction Could Fund Tax Cuts
At its 15th annual forum the President of Confcommercio, the federation representing small and medium-sized enterprises, professionals and sole traders in Italy, re-asserted his appeal for the Government to link a reduction in public expenditure
See MoreItaly – Details of Italian Tax Cuts Agreed
Italy's new Prime Minister, has provided extra detail on cuts to reduce the tax burden in Italy which that are intended to provide an immediate boost to the country's economy. Resources totaling EUR10bn (USD13.9bn) have been allocated by the
See MoreItalian Tax Cuts Should Favor Employees
In Italy the association of sole traders and small businesses has recommended that measures should aim at reducing Italy's individual income tax (IRPEF) burden. The total tax collections from labor have reached EUR296.4bn, of which almost EUR161.5bn
See MoreItalian Supreme Court rules on tax residence concept
The Italian Supreme Court gave its decision on 17 January 2014 in case No. 1811 concerning the issue of whether the Maltese company should be considered resident in Italy for tax purposes. The case particularly concerned the provision that a company
See MoreItaly – Italian Football Clubs Renew Tax Protocol
The Italian Revenue Agency has signed a protocol with the Italian national soccer federation (FIGC), which will renew regulation and control over the tax affairs and fiscal compliance of the professional clubs that come within the federation’s
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