Category: Italy

Italian authorities target Swiss banks in wake of UBS fine

Guardia di Finanza, a financial police authority in Italy, has sent letters demanding Swiss lenders to reveal the the names of bankers working in the country, Bloomberg has reported. The authority wants to know more about the business that these banks entertain in Italy, in particular which type of business,… – Continue reading

Italy: Moving To Italy – The Resident Non-Domiciled Tax Regime

During 2017 the Italian Government introduced a new tax regime: The Resident Non-Domiciled Tax Regime(also known as the “Flat Tax Regime”), with the aim of attracting high net worth individuals who want to relocate to Italy. The new legislation introduced a key change to the general principle of worldwide taxation… – Continue reading

EU Commission Green Lights Italy’s Electronic Invoicing Plans

The European Commission has recommended that the EU Council approve a request from Italy to derogate from the VAT Directive in introducing a mandatory electronic invoicing obligation on all taxable persons established in Italy except exempt small firms. In its request, Italy submitted that introducing an obligation to provide such… – Continue reading

Jamaica, Italy sign elimination of double taxation agreement

KINGSTON, Jamaica (JIS) — The Government of Jamaica has signed an agreement with the Republic of Italy for the elimination of double taxation with respect to taxes on income and for the prevention of tax evasion and avoidance. The signing took place at the Ministry of Finance and Public Service’s… – Continue reading

Italy’s non-domiciled tax regime to profit from UK’s changing stance

In 2017, the UK scrapped its non-dom tax regime. Consequently, an increasing number of individuals are instead relocating their tax domicile to Italy At the start of 2017, in a bid to attract more wealthy citizens and capital to Italy, Rome introduced a non-domiciled tax regime. Now, citizens can move… – Continue reading

Swiss Come Clean Amid Data Swaps

Switzerland’s abandonment of banking secrecy for international tax dodgers is having an unexpected side effect at home: more domestic tax cheats with accounts around Europe are coming forward. If 2017 was the glide path for Switzerland’s international data-swapping agreements, this year means business: Swiss banks must automatically share client data… – Continue reading

Amazon Agrees To A $118 Million Tax Settlement With Italy

Amazon reached a major tax settlement with Italy by agreeing to pay €100 million ($118 million) to the European country in order to put an end to an investigation of potential back taxes it owes that spanned the majority of this year. According to initial reports on the matter, Italian… – Continue reading

The Italian “temporary web tax”

The Italian government has introduced a “temporary web tax” which will be in force until the long-awaited OECD/EU strategy for the reshaping of traditional taxation systems based on the residence of companies (or on the location of permanent establishments) has been defined. Said reshaping is aimed at introducing taxation principles… – Continue reading

Double Taxation Agreement Between Barbados and Italy In Effect

BRIDGETOWN, Barbados, Thursday November 2, 2017 – The Double Taxation Agreement (DTA) between the Government of Barbados and the Italian Republic has entered into force. The instruments of ratification for the Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion… – Continue reading

CbCR obligations for Italian entity members of US groups

Concerns have arisen over a temporary misalignment between the US country-by-country reporting regime and Italian legislation. Antonella Della Rovere and Federico Vincenti of Valente Associati GEB Partners explain. An agreement for the automatic exchange of country-by-country reports (CbCR) between Italy and the US (Agreement) came into effect on September 27… – Continue reading

EU Countries Seek Legislative End-Around on Digital Tech Tax

EU nations led by France and Italy reinforced the need for an “equalization tax” or turnover tax on large internet companies such as Facebook Inc. and Amazon.com Inc., and suggested they would use special legislative procedures to impose one in the event all 28 EU-member countries don’t back the levy…. – Continue reading

Eurozone’s big four demand measures against tax avoidance

The four biggest economies in the Eurozone – Germany, France, Italy, and Spain — demand an end to the erosion of their tax base by means of incorporation in states that facilitate tax avoidance. According to the Financial Times, Bruno Le Maire, Wolfgang Schaeuble, Pier-Carlo Padoan, and Luis de Guindos,… – Continue reading

Worldwide: Italy And Greece Among Most Complex Places In The World For Accounting And Tax Compliance

Italy is the most complex jurisdiction in Europe and comes in first place globally for ‘tax’ complexity, while Greece is most complex in the world for ‘compliance.’ Italy and Greece are among the five most complex jurisdictions in the world for Accounting and Tax compliance, according to TMF Group’s inaugural… – Continue reading

Monaco added to Italy’s ‘White List’

In early April 2017, an important taxation agreement between Monaco and Italy came into force… As a direct result, Monaco now appears on the Italian ‘White List’ of tax compliant jurisdictions. The Agreement creates both opportunities and challenges for companies or individuals that fall within its scope, and is an… – Continue reading

Italy, Switzerland agree to exchange more tax information to fight evasion

Italian and Swiss tax authorities have signed an accord to improve the exchange of information to fight tax evasion, the Italian economy ministry said on Tuesday. The agreement took effect at the start of this month and aims to further enhance transparency following a previous accord which was introduced last… – Continue reading

Bills, cars, bank accounts: the Italian Revenue Service will chase evaders who pretend to be abroad

The Italian Revenue Agency is stepping up its fight against international tax evasion. The tax authority will focus on undeclared funds and income held abroad by Italian taxpayers who have become resident abroad since January 1, 2010. Controls will be based on selected lists, which will first target the most… – Continue reading

Switzerland Is Still a Safer Haven than Brexit Britain

(Bloomberg Gadfly) — A referendum lost. Voters crying foul at cuts to public services. The threat of financial chaos and businesses sent packing. This isn’t Brexit Britain. It’s Switzerland. The country this weekend voted down a government plan to keep offering tasty tax breaks to multinational companies — while still… – Continue reading

2017 Budget Law: tax relief for individuals who decide to fix their tax residence in Italy

The 2017 Italian Budget Law introduces a tax relief for individuals transferring their tax residence to Italy, in accordance with similar regimes adopted by other countries such as the United Kingdom, Switzerland and Portugal. The relief is part of a package of measures intended to facilitate investment in Italy and… – Continue reading

The favourable tax regime of new Italian residents

The 2017 Budget Law introduced (starting from fiscal year 2017) favourable provisions for people wishing to become tax residents in Italy. It is aimed at wealthy individuals who wish to bring in new capital resources. The regime is inspired by the non-domiciled resident regime which is in force in the… – Continue reading

Luxembourg to sharpen tax rules for intra-group financing

Luxembourg on Tuesday said it would sharpen its corporate tax rules, making it more difficult for large corporations to avoid tax by channelling funds through the small European country, a practice exposed in media reports known as “LuxLeaks”. The rules, entering into force on Jan. 1, firm up the “arm’s… – Continue reading

UK opposes planned US dividend tax for offshore investors

The US government is facing calls to delay the introduction of a new tax on foreign investors in US equity-linked derivative transactions, after the G5 group of countries signalled their opposition and the US Securities Industry and Financial Markets Association (SIFMA) indicated its members would not be ready for the… – Continue reading

Italy to target non-doms with new tax regime

Italy is to introduce a remittance-style tax regime aimed at attracting non-domiciled high net worth residents, just as the UK makes its rules in this area less attractive post the Brexit vote. The new measure in Italy’s Finance Bill for 2017 was approved by parliament last week, before its prime… – Continue reading

Double taxation: Ecuador, Italy sign agreement to foster private investements

Ecuador signed an agreement with Italy to define the tax obligations of the citizens of the two countries, in order to avoid double taxation on income taxes and equity and prevent tax evasion, the Ecuadorian Foreign Ministry said. “This protocol modifies the agreement signed in Ecuador and Italy in 1984… – Continue reading

Italy: Italy Set To Introduce A Territorial System Of Taxation

Italy is considering a proposal to introduce a territorial system of taxation to attract high net worth individuals, including successful individuals in the sports, arts, and fashion and design sectors, who could be interested in moving to Italy to take part in these thriving sectors. The new measure is contained… – Continue reading

Cayman may find itself on EU’s ‘non-cooperative jurisdictions’ list

Cayman could find itself on a new EU list of “non-cooperative jurisdictions” in tax matters after the European Council of finance ministers published the criteria for including third countries in the blacklist last week. The provisions emphasize that a jurisdiction “should not facilitate offshore structures or arrangements aimed at attracting… – Continue reading

Fourteen football clubs to stand trial before the sports tribunal on tax evasion’s charges

The investigation, dubbed “Offside,” was launched three years ago and conducted by Naples Public Prosecutor’s Office. The alleged offense was criminal association aimed at tax evasion. Now that the sports prosecutor has completed the investigation, the first results are emerging. Fourteen football clubs will stand trial before the sports tribunal… – Continue reading

EU agrees screening process for tax havens, critics cry foul

European Union finance ministers agreed on Tuesday how to screen countries for a blacklist of tax havens across the world, officials said, and said applying zero-rate taxes was not necessarily a factor, prompting an outcry. The bloc committed in May to agree on a common list of tax offenders by… – Continue reading

Vatican advances financial clean-up with Italian tax deal

Individuals and entities that have accounts at the Vatican bank and are subject to taxation in Italy will have until mid-April to report to Italian authorities the income earned by their Vatican accounts. As part of ongoing efforts by the Vatican to increase financial transparency and accountability, an agreement between… – Continue reading

Apple May Face Double Tax on Profits If France Adds to Tab

Apple Inc. may face double taxation on some of its profits if the European Commission’s Aug. 30 ruling inspires France to slap its own tax adjustment on the company, practitioners said. Apple could even face “triple taxation” if it repatriates profits from the European Union to the U.S., Laurent Leclercq,… – Continue reading

Switzerland, Italy Seek Progress On Cross-Border Taxation

Switzerland has informed Italy of its desire to sign the bilateral agreement on the taxation of cross-border commuters. The point was made by Didier Burkhalter, the head of Switzerland’s Federal Department of Foreign Affairs, during a meeting with the Italian Foreign Minister, Paolo Gentiloni. They discussed bilateral issues, Switzerland’s policy… – Continue reading

How to get ready for BEPS tax reporting rule changes

Multinational companies are making strides in preparing for radically changed cross-border tax and transfer-pricing reporting rules as compliance deadlines near, research by Thomson Reuters suggests, but uneasiness remains amongst tax executives about their readiness. The new rules will require multinational enterprises with annual revenues of €750 million ($830 million) or… – Continue reading

Taiwan-Italy Tax Treaty Takes Effect from 1 January 2016

With an aim to avoiding double taxation, improving the investment environment for Taiwan, and increasing the attractiveness of foreign investment into Taiwan, the Ministry of Finance in recent years has focused on entering into tax treaties with other jurisdictions. Following tax treaties signed with Italy and Austria, Taiwan entered into… – Continue reading

Canada willingly makes tax deals with tax havens

The seeds of Canadian corporations hiding billions of dollars in offshore tax havens were sown more than 40 years ago, after the Canadian government pursued a series of tax treaties with tiny Caribbean and European nations. The 92 tax treaties now signed with countries such as Barbados, Jamaica and Malta… – Continue reading

Italy: New international tax ruling in Italy

Multinational companies doing business in Italy, Italian companies doing business abroad and non-resident companies which intend to invest in Italy may use the new international tax ruling procedure to reach an advanced agreement with the Italian Tax Authorities regarding the taxation of income derived from cross-border transactions. Recently, Legislative Decree… – Continue reading

Beyond FATCA, Costa Rica Adopts “GATCA” Tax Reporting Measures

The unpopular Foreign Account Tax Compliance Act (FATCA) of the United States has set off a rash of similar legislation around the world, and Costa Rica has been eager to adopt these international asset reporting treaties, which many taxpayers consider overreaching and in violation of financial privacy. The Costa Rica… – Continue reading

Exclusive: EU aims to rule on Amazon’s Luxembourg tax deal by July – sources

BRUSSELS – EU state aid regulators aim to rule on Amazon’s (AMZN.O) tax deal with Luxembourg by July, two people familiar with the matter said on Thursday, and it may order the country’s tax authorities to recover about 400 million euros ($448 million) in back taxes. The European Commission’s decision… – Continue reading

Post-Panama: Why your AEOI frameworks must now be automated, auditable and adaptable

Hot off the heels of the Panamanian documents leak, 5 EU countries announced last month that they have agreed to exchange beneficial ownership information. France, Germany, Italy, Spain and the UK will now automatically exchange information on the ultimate beneficial owners of companies and trusts. These 5 EU countries are… – Continue reading

Banks to help create a national register of offshore firm owners

Greek banks and the state are in the process of creating a national register for offshore company owners, in compliance with a European Union directive to that effect. The register will be created on the Teiresias databank, known from its list of insolvent borrowers. Access will be granted to the… – Continue reading