The Ravvedimento Operoso Procedure derives from the Italian word which can be literally translated as “redemption” or “penitence”. It is, however, in this context not a religious concept, but simply a procedure that allows taxpayers who have missed a deadline for payment to pay tax […]
The Italian Tax Agency responding to a request for an official interpretation on the tax treatment of options (no. 23 of 5 February 2020) has set out its view of the moment in which stock options become taxable in the hands of employees working in […]
Background An Italian resident taxpayer has the right to certain deductions and claim a tax credit for certain expenses and charges incurred in the relevant tax return – we are starting the 2020 return on income gains realised during the course of 2019. Some of these […]
At a meeting of the Italian Council of Ministers of 16 March 2020 (press release no. 37/2020), the Prime Minister, the Minister of Labour and Social Policies (Nunzia Catalfo), and the Minister of Economy and Finance (Roberto Gualtieri) set out the principle measures contained in […]
If your only source of income derives from employment (ie. you are hired on an definite or indefinite term contract) with an Italian registered business, you generally do not need to file an Italian tax return unless: 1) The amount of tax withheld by the […]
What is the Tax Relief? Italy’s recent Finance Law for 2020 extended the tax credit equal to 50% of a maximum of €10,000 of expenditure for furniture and household appliances in connection with buildings subject to renovation. The relief applies to expenditure during the course […]
The Italian national social security institute has issued an update to the rates, maximum and minimum thresholds, instructions for the sharing of social security burden applicable to the self-employed for 2020 in circular no. 12 of 3 February. “Collaborators” (ie. those with co.co.pro and co.co.co […]
Italy’s centre left administration proposes to introduces limitations for those who rent rooms, holiday homes or apartments for short periods An amendment to the “Milleproroghe Decree” (one thousand extensions), presented by the “Democratic Party” to the Italian Chamber of Deputies, proposes a squeeze for those […]
The Italian government originally published a list in 1996 – known as the White List – concerning changes to the tax regime for interest, and other income on bonds and similar securities, public and private. A reduced rate of tax was available to income deriving […]
Article 1, paragraphs 693 and 694, of the Law of 27 December 2019, n. 160 (Finance Law 2020 – amending and extending article 2(2) of Decree Law of 24 December 2002, no. 282, and article 7 of Law 28.12.2001, n. 448) allows the revaluation of […]
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