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 […]

Treaties between Italy and the U.S.

Italy has agreements with the U.S. for the avoidance of double taxation – covering mainly income taxes, social security and gift, estate and inheritance taxes.   Income Tax Treaty (Double Taxation Convention) Convention Between the Government of the United States of America and the Government of the Italian Republic for the Avoidance of Double Taxation With […]

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 […]