Italy: Country File of transfer pricing documentation must be submitted in Italian
The Italian Revenue Agency issued its response to Ruling No. 174 on 21 August 2024, clarifying that the Italian the Country File (National Documentation) must be prepared and submitted in Italian language upon request. The Country File (National
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Italy passes legislative decree on VAT scheme for small businesses
Italy’s Council of Ministers has preliminarily approved a draft Legislative Decree for the implementation of the Amending Directive to the VAT Directive (2020/285) and the Amending Directive To The VAT Directive (2022/542). This decree
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Italy issues decree for tax collection system reform
Italy’s government has enacted Legislative Decree No. 110 of 29 July, 2024 mandating a comprehensive reorganisation of the tax collection system under Law No. 111 of 9 August 2023. Earlier, the Legislative Decree No. 110 of 29 July, 2024 was
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Italy enacts decree on tax credits for energy saving investments
Italy’s Ministry of Business and Made in Italy published the Decree of 24 July 2024 in the Official Gazette, on 6 August 2024, introducing a new tax credit aimed at promoting investments in innovative energy-saving technologies for qualifying
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Italy issues decree on tax compliance, preventive composition procedure
Italy’s government has published Legislative Decree No. 10 of 5 August 2024 in the Official Gazette, which implements new measures aimed at enhancing the preventive composition procedure and simplifying tax compliance. The Legislative Decree
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Italy dismisses speculations of imposing new taxes on bank profits
Giancarlo Giorgetti, Economy Minister, Italy, said that the government has no plans to introduce new additional taxes on profits on banks and other companies on Wednesday, 7 August, 2024. In August 2023, there was an unprecedented disposal of
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Italy clarifies tax rules on capital gains for non-resident entities
Italian tax authorities published Circular No. 17/E of 29 July 2024, clarifying the tax treatment of qualifying capital gains earned by non-resident entities. The Circular was released following the amendments introduced by the Budget Law for
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Italy: Council of Ministers approves decree on minor taxes, tax penalties
Italy’s Council of Ministers tentatively approved a legislative decree on 22 July 2024 that outlines a consolidated text on minor state taxes under Article 21 of Law 9 August 2023, no. 111. The text aims to precisely identify the current rules by
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Italy confirms capital gains exemption for EU/EEA funds
In accordance with the 2021 Finance Law, Italy has established a 0% withholding tax rate on dividends sourced from Italy when received by EU/EEA entities, specifically funds regulated under the UCITS IV Directive or non-UCITS funds managed by firms
See MoreIMF Issues Report Following Consultations with Italy
On 23 July 2024 the IMF issued a report following the consultation with Italy under Article IV of the IMF’s articles of agreement. The report noted that Italy’s economy has recovered from the pandemic and energy price shocks, with economic
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Italy issues decree for Qualified Domestic Minimum Top-up Tax
Italy's Ministry of Finance announced, on 3 June 2024, the publication of the “Decree of 1 July 2024”. It contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in Article 18
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Italy enacts law for tax credits for investments in simplified logistics zones
Italy published Law No. 95 of 4 July 2024 in the Official Gazette on 4 July 2024, converting the Decree-Law No. 60 of 7 May 2024 into law, which addresses urgent provisions for the European Union's cohesion policy. One key provision of this law
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Italy approves decree for reforming tax collection system
Italy’s Council of Ministers announced, on 3 July 2024, that it passed the Legislative Decree for reforming the tax collection system. It was passed after consultation with the relevant parliamentary commissions under Law No. 111 of 9 August
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Italy issues decree for Qualified Domestic Minimum Top-up Tax
Italy's Ministry of Finance announced on 3 July, 2024, the publication of the “Decree of 1 July 2024”. The Decree contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in
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Italy updates VAT penalties
Italy has published Legislative Decree no. 87/2024 in the Official Gazette on 28 June 2024, introducing major amendments related to Italy’s tax penalty system. The Decree went into force the day of its publication and will be applied to
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Italy approves draft public CbCR legislative decree
Italy’s Council of Ministers passed the draft decree introducing Public Country-by-Country Reporting (PCbCR) on 10 June, 2024. It amends Directive 2013/34/EU of 26 June 2013 (Accounting Directive), which pertains to the reporting of income
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Italy extends plastic and sugar tax suspension
Italy has enacted Law No. 67 of 23 May 2024, now published in the Official Gazette, which converts Decree-Law No. 39 of 29 March 2024 into law with specific amendments. The key measure in this legislation is the continued suspension of the
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Italy announces decree on Pillar Two transitional safe harbour rules
Italy’s Ministry of Finance announced the ‘TSH decree’, which was published in the official gazette on 28 May, 2024. This decree implements the Pillar Two transitional safe harbour (TSH) rules, as stipulated in Article 39 of Legislative
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