RW Foreign Asset Reporting Codes
The table below contains the codes to be shown in Section RW of the annual tax return allocating any foreign asset to an individual category. Italian Descriptor Code English Description Conti Correnti E Depositi Esteri 1 Foreign Current And Deposit Accounts Partecipazioni Al Capitale O Al Patrimonio Di Società Non Residenti 2 Shares In The […]
Italian Foreign Asset Reporting Obligations in Quadro RW and IVAFE for Foreign Pension Schemes
The Italian rules for the reporting of a foreign pension or retirement benefits schemes are vague and Italian centric. This leads, for many taxpayers to uncertain positions where they transfer residence to Italy benefitting from or participating in such schemes. The fundamental starting point is that, in the Italian context it is the Sate that […]
Black List Countries
Presumption of Tax Residence Article 2, paragraph 2-bis of the Italian Income Tax Code (TUIR – Presidential Decree No. 917/1986) contains a specific anti-tax avoidance provision concerning the tax residency of Italian citizens. Reversing the Burden of Proof: This provision establishes a rebuttable presumption that an Italian citizen who transfers their residence to a country […]
IVIE Tax Base Post Brexit
Brexit has had a potentially expensive impact for Italian tax residents owning real estate in the UK. Italian tax residents are required to pay a wealth or ownership tax on foreign (ie. non Italian) real estate (unless the property is owned and occupied as a principal residence. As a result of Brexit, in the view […]
Foreign Asset Reporting, Section RW, IVIE & IVAFE – Wealth Tax on Foreign Property
Increase in IVIE and IVAFE Starting from FY 2024, the rate of IVIE, the tax on the value of foreign (non Italian) real estate located abroad, will increase from 0.76% to 1.06%. This increase applies generally to all real estate situated outside Italy by a Italian tax resident. IVAFE, the tax on the value […]