Tax on Disposal of Real Estate
General Rule In Italy, capital gains from the disposal (sale or transfer) of real estate are generally treated as miscellaneous income under Article 67 of the TUIR (Testo Unico delle Imposte sui Redditi, DPR 917/1986). The taxable gain is the difference between the sale price and the acquisition cost (plus any additional expenses such as […]
Table of Main Registration Taxes in Italy
This is a (very) simplified table of the registration taxes due on certain documents. The tax office will apply the tax according to the substance of the effect that the document has, not the form. Â
Tax Relief for the Purchase of Furniture and Household Appliances
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 of 2020 for renovation that commences on or after 1 […]
White List Countries
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 from White List countries, i.e. those countries with which Italy […]
Tax Relief for Donations in favour of Italian Art and Culture
This tax relief known as the “Art Bonus” is available to individuals, institutions and companies who support Italian cultural heritage by making financial donations. The Art bonus consists of a tax credit equal to 65% of the donation subject to the following annual limits:- 15% of taxable income, for individuals and non commercial entities; 0.005% […]
The Visura Catastale
What is the Visura Catastrale The “visura catastale” (Land Registry Extract)Â is a document issued by the Italian Tax Agency containing information recorded at the Italian Land Registry in relation to real estate – buildings or land – located in Italian national territory. It is possible to search the land registry to find all real […]
Italian Real Estate Purchase Guide
The Italian tax regime applicable to residential real estate can seem confusing. Real estate has always been an attractive source of income for governments around Europe, and Italy is no exception. As real estate is difficult to move about, it presents an easy target for the Exchequer. The current Italian tax regime seeks to differentiate […]
Definition of “partecipazione qualificata” – the significant shareholding
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 below) carrying, either: a) more than 2% (5% for non-quoted […]
The Double Whammy
What is the “Double Whammy” in Italian tax? The “double whammy” is what hits certain individuals who have recently moved to Italy and new businesses in the second year after start-up. No tax in your first year You pay no tax in your first year after the move but the tax due for that first […]
2019 Tax Update
Attached are the slides of our recent presentation to the International Association of Accountants [embeddoc url=”https://taxing.it/wp-content/uploads/2019/04/The-2019-Spring-Italian-Tax-update-20190312-112PE_opt.pdf” viewer=”google”]