Switzerland Considers New Cross-Border Tax Deal with Italy
Swiss Finance Minister has pledged to re-negotiate the bilateral cross-border tax agreements with Italy, to ensure that the provisions are more favorable to the Swiss canton of Ticino in future. The agreement is important because of the number of
See MoreItaly: Prime Minister Explains ‘Double-Digit’ Cut to Italian Taxes
The Italian Prime minister has issued a clarification about a statement made earlier in respect of a double digit reduction in the tax burden. The reduction would amount to tens of billions of Euros and in this respect was a double digit
See MoreItalian Government Empowered To Push Through Tax Overhaul
The Italian parliament has now approved the "Legge Delega," the tax reform law granting special powers to the Government to introduce a series of measures within the next year. The Legge Delega sets out general reform principles, which are to be
See MoreItalian Government Introduces Withholding Tax on Inbound Wire Transfers
Italy has recently introduced legislation instructing banks to withhold 20% on certain inbound wire transfers. The inbound wire transfers affected by this measure include income earned from foreign investments, financial gains, interest, dividends
See MoreItaly withdraws WHT on inbound payments
An instruction from the Italian Revenue Agency for all Italian banks to withhold a 20 percent tax on all payments from abroad received by Italian individual taxpayers, has been withdrawn with effect from 1 February 2014 as it is being examined by
See MoreItaly’s Transfer Pricing Changes In 2014
Italy has introduced a number of transfer pricing-related changes within its Finance Act 2014 (Law No 147/2013). These changes will have an effect on both administrative procedures and fundamental transfer pricing concepts. Article 1, Paragraph 281
See MoreItaly dealing with transfer pricing legislation domestically
According to a verdict of the Italian Supreme Court in July 2013, internal transfer prices must follow the arm’s-length principle. Italy has been adopting international transfer pricing rules similar to those in the rest of Europe. The Supreme
See MoreItaly: Law Decree published regarding voluntary disclosure procedure
On 29 January 2014 Law Decree No. 4 of 28 January 2014 was published in the Official Gazette. This Decree provided clarifications with regard to the voluntary disclosure procedure. The Law Decree entered into force also on 29 January 2014 and will
See MoreItaly: FATCA intergovernmental agreement signed with United States
Representatives of the governments of Italy and the United States signed an intergovernmental agreement to implement the provisions of U.S. law known as “FATCA” (Foreign Account Tax Compliance Act). According to a Ministry of Economy and Finance
See MoreItaly Cancels Budget’s Automatic Tax Deduction Changes
The Italian Government has decided to include proposed measures to rationalize individual income tax deductions within the framework of the draft tax reform law, which is currently before parliament, rather than the recently-approved 2014 Budget
See MoreItaly Allows Taxpayers to Regularize Undeclared Foreign Capital
Recently the Italian Government approved a new decree to constitute a legal framework to allow for the regularization of undeclared capital held abroad by Italian residents. The new decree allows for favorable treatment, including penalty
See MoreItaly: Changes in international ruling procedure
Italy has modified its international tax ruling procedure, through Art. 7 of Law Decree No. 145/2013. Under this, non-resident entities operating in Italy may obtain an advance ruling on whether their activities in Italy give rise to a PE under
See MoreItaly: Financial Transaction Tax (FTT) annual return model published
The Italian tax administration has issued the final Financial Transaction Tax (FTT) annual return model and the related instructions under Protocol No. 2013/154577. The FTT return should be filed by 31 March of every year, subject to a de minimis
See MoreItaly: Efforts to combat tax evasion
Italy has taken steps to discourage cash payment for certain goods and services from 1 January 2014 as part of the effort to combat tax evasion. E.g. claims for the additional tax deduction for reconstruction or energy-saving work will be denied for
See MoreNew taxes has been introduced by the Italian 2014 Budget
The Italian parliament approved a “maxi-amendment” on December 23 2013 completely replacing the proposals initially made by the Government on October 2013 in its draft 2014 Budget. Government has introduced tax measures that may produce
See MoreJoining of Six More Countries with the Tax Information Exchange Pilot of G5
UK, France, Germany, Spain, and Italy (the G5) planed for a multilateral program in April which was based on the automatic exchange of tax information. Participants of 37 jurisdictions have expressed their intention to join. Luxembourg,
See MorePhilippine: Welcome ejection from Italian ‘Black List’
The Philippines Government has signed a double taxation agreement (DTA) with Italy to taken off the “black list” of countries that Italy evaluates to be tax havens on 9 December 2013. On December 5, 1980 DTA originally signed between
See MoreSigning of Protocol to DTA between Philippines and Italy
The Government of the Philippines confirmed on December 9, 2013 regarding the signing of a Protocol to the double taxation agreement (DTA) with
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