Italy enacts Budget for 2020
On 30 December 2019, Italy published Law No. 160 of 27 December 2019 in the Official Gazette which includes the budget measures for 2020. VAT rate The reduced VAT rate will be maintained at 10% for 2020 and will increase to 12% in
See MoreItaly updates tax criminal penalty provisions
On 26 October 2019, Law Decree No. 124 was published in the Official Gazette No. 252, which entered into force on 27 October 2019. The Law provision introduced with the 2020 Budget with major amendments to the criminal penalty regime that are
See MoreItaly publishes Law 117 to implement EU Directives
On 4 October 2019, Italy has published Law No. 117 in the Official Gazette, approving the legislative decrees for the implementation of several EU Directives. The Directives will be consulted on by parliament but do not require further approval
See MoreItaly: New resolution amends patent box regime
The Italian Revenue Agency published Resolution No, 81/E of 9 September 2019 in the official gazette to amend the patent box regime made by Law Decree No. 34 of 30 April 2019, which entered into force on 1 May 2019. The updates
See MoreSingapore REIT eligible for WHT exemption in Italy
On 26 August 2019, the Italian tax authority has published Ruling No. 345 regarding the eligibility of a real estate investment trust (REIT) established in Singapore for the withholding tax (WHT) exemption on income derived through a
See MoreItaly updates CbC reporting requirements
On 8 August 2019, Italy has published the Ministerial Decree in the Official Gazette amending the Ministerial Decree of 23 February 2017 regarding Country-by-Country reporting (CbCR). The Decree amends Article no. 7 on the use of CbC
See MoreGeorgia and Italy sign MOU on implementation of APA and MAP practice
On 6th June, 2019 Mr. Paolo Valerio Barbantini, Deputy Director General of the Italian Revenue Agency, and Mr. Vakhtang Lashkaradze, Director General of the Revenue Service of Georgia, met in Tbilisi, Georgia, to sign the Memorandum of
See MoreItaly releases a decree of urgent economic growth measures
On 30 April 2019, Italy publishes a decree regarding “urgent economic growth measures” (Decreto Crescita) which entered into force on 1 May 2019. Under the decree following tax incentives are introduced; As an extra or bonus depreciation
See MoreItaly plans to reduce tax rates
The Italian Government is considering reducing corporate and individual income tax rate. This would reduce the standard corporate tax rate to 20% from 24%. Individual income tax rate may change from the current five-bracket system with a top rate
See MoreItaly: Tax authority releases new corporate tax return forms
On 30 January 2019, Italy’s tax authority issued protocols (No.23599/2019 and No. 23568/2019) approving the new electronic corporate income tax return form and regional tax on productive activities return form to be used for tax year 2018. Forms
See MoreItaly: Tax authority releases new WHT return form
On 15 January 2019, Italy’s tax authority issued a Protocol 10656/2019 approving the new electronic withholding tax (WHT) return Form-770/2019 along with instructions for fiscal year 2018. The form must be filed by 31 October
See MoreItaly approves Budget for 2019
On 29 December 2018, the Italian Parliament approved the 2019 Budget Law no. 145 of 2018 published on the Official Gazette of 31 December 2018. The Budget contains a number of measures related to tax incentives, including changes to the research
See MoreItaly releases ATAD decree in line with EU Anti-Tax Avoidance Directive
On 28 December 2018, the Italian Government published, in the Official Gazette, the Legislative Decree (Decree) transposing the European Union (EU) Anti-Tax Avoidance Directive (ATAD) in the Italian legislation. The Government had previously
See MoreItaly publishes guidance on clarifying application of R&D tax credit
The Italian tax authority during 2018 issued guidance to clarify application of the existing tax rule of Research and Development (R&D) tax credit for eligible Italian companies and Italian permanent establishments of foreign companies investing
See MoreItaly : Law Decree entered into force following its publication
Italy Published Law Decree No. 87 of 12 July 2018 was entered into force following its publication in Official Gazette No. 161 of 13 July 2018. Details of the tax measures are summarized below: Regarding Incentives: Under article 7 of the Law
See MoreItaly issues final transfer pricing regulations on the application of the arm’s length principle
Italy issued final transfer pricing regulations on May 14 regarding the application of the arm’s length principle. The publication follows the release of a draft for public consultation in February and a consultation in May. The guidance supports
See MoreItaly: Transfer pricing consultation responses published
On 5 April 2018, the Ministry of Economy and Finance published the responses received to the public consultation on transfer pricing legislation launched in February 2018. Comments and proposals are available on the website of the Ministry of
See MoreIncreased VAT in Draft DEF (4) in Italy
A draft of the Economic and Financial Document (DEF showed that VAT hikes under fiscal safeguard clauses will remain intact for the next two years after being frozen for this year. The 10% reduced VAT rate will rise to 11.5% from January 1, 2019,
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