With the establishment of the “Indici sintetici di affidabilità” – ISA’s or Summary Reliability Indices, the Italian Tax Agency aims to “facilitate the compliance of tax obligations and encourage the spontaneous emergence of taxable income.” These indices form part of a wider initiative for Italian […]
EU Directive 2008/9/EU (implemented in Italy by Legislative Decree no. 18/2010) allows VAT registered businesses that incur costs in countries that are members of the European Union (and Switzerland, Norway, Israel and the Principality of Monaco, thanks to reciprocal agreements) to request refund of VAT […]
This is our general guide to Italian tax. Obviously it’s difficult to summarise a complex system in a single document. But we’ve done our best. This document is not designed to constitute legal advice and you should undertake any action on the basis of what […]
Tax Code Definition The definition of qualified participation can be found in section 67 of the Italian Tax Code.A qualified/significant shareholding is defined as any shareholding (excluding savings shares – “azioni di risparmio”) in the capital or assets of a Company (as defined – see […]
The Italian Tax Agency has issued a resolution (no .64/E of 28 June), regarding the changes introduced by Article 12 V of Decree no. 34/2019 (Decreto Crescita/Growth Decree 2019). The Decree extended the tax payment deadline of 1 July (normally 30 June, but being a […]
What is the double whammy in Italian tax? The “double whammy” is what hits new businesses in the second year after start-up. No tax in your first year You pay no tax in your first year of operations but the tax due for that first […]
A taxpayer who has worked for an employer in the two tax periods prior to the intended start of the flat tax regime (regime forfettario agevolato) cannot apply for the regime if he or she will be mainly working for the ex-employer once self-employed. The […]
Search Term Response Italy Tax Year Italian Tax Year The tax year in Italy ends on 31 December of each year.Companies, partnership and other bodies corporate can choose their own financial year end and direct tax filings will be set according to their chosen accounting […]
The European Union Regulation No 650/2012 is now in full effect. This covers “jurisdiction, applicable law, recognition and enforcement of decisions and acceptance and enforcement of authentic instruments in matters of succession.” The objective of the Regulation is to facilitate cross border successions making it […]
Starting a new job as a freelance teacher? The school might recommend that you get registered for VAT under the flat-tax regime (regime forfettario). Nothing wrong with that – simplified accounting formalities, no need to add VAT onto invoices etc. But have a word with […]
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