Category: Italy

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Bulgaria definitively removes Gibraltar from ‘tax haven’ list

Bulgaria has definitively removed Gibraltar from its ‘tax haven’ list following intensive lobbying by Albert Isola, Minister for Financial Services, and the Gibraltar Finance Bulgaria team. This change has been reflected in the updated lists published on the European Commission website under ‘Tax good governance in the world as seen...

Italy Investigates Amazon for Alleged Tax Avoidance

Amazon’s Italy chief tells Bloomberg the company is cooperating with the authorities European Union member states continue their crackdown on American companies that they believe have avoided tax payments. Amazon.com, Inc. (NASDAQ:AMZN) is the latest company under investigation for its tax dealings in Italy, the company’s chief for Italy and...

Facebook to pay more UK tax

Facebook has caved to the tax pressure. The company is likely to pay millions more in U.K. taxes after making changes to its corporate structure that will stop revenue earned in the U.K. from being routed through Ireland. Facebook had been accused of “profit shifting,” a common practice for multinational...

France seeking €1.6 billion in Google back taxes

France is seeking €1.6 billion in back taxes from Google, criticised for its use of aggressive tax optimisation techniques, a source at the finance ministry has said. “As far as our country is concerned, back taxes concerning this company amount to €1.6bn,” the official, who spoke on condition of anonymity,...

Zambia signing its way out of tax revenues-ActionAid Zambia

A new report from ActionAid titled ‘Mistreated’ released this week has revealed that Zambia has 13 restrictive tax treaties that dramatically restrict the government’s power to tax global companies doing business on our soil and therefore unfairly limit our country’s potential to collect tax revenue. The report also found that...

Taiwan, Italy sign pact to avoid double taxation

Taipei, Feb. 15 (CNA) The Ministry of Foreign Affairs said Monday that Taiwan and Italy have completed an agreement to avoid double taxation and tax evasion. The Ministry of Foreign Affairs said Monday that Taiwan and Italy have completed an agreement to avoid double taxation and tax evasion. The ministry...

The Italian Patent Box and Its (Non-) Compliance with OECD Recommendations

The Italian Patent Box regime largely complies with the OECD recommendations to prevent base erosion and profit shifting. Its non-compliant features offer a brief window of opportunity for companies able to take swift advantage of its wide range of qualifying intangible assets. Many countries have implemented specific IP regimes through...

Tanzania: Managing Tax Risks – Double Tax Treaties and Implications

Can tax treaty provisions override domestic law?In our last article we defined double taxation as an exposure to tax more than once on the same profit or income. We also highlighted the two types of double taxation i.e. economic double taxation and juridical double taxation and also noted that a...

31 nations sign agreement on exchange of country-by-country transfer pricing reports

In an effort to provide their tax administrations with more tools to combat corporate tax avoidance through transfer pricing, officials from 31 countries today signed an agreement setting out the parameters for automatic exchange of country-by-country reports on large multinational corporations. The agreement — the Multilateral Competent Authority Agreement on...

Europe cracks down on tax dodgers

Directive follows a series of high-profile tax cases involving Google, Apple and others. Rampant corporate tax dodging and sweetheart deals that cheat governments and skew markets, have prompted the European Commission to unveil a new directive Thursday. The proposed legislation follows a quick succession of tax rulings, settlements and investigations...

Intellectual property taxation in post BEPS era

On 5th October 2015, the OECD released its final reports setting out the action plan on Base Erosion and Profit Shifting (BEPS) project, thus concluding the two year project which started at the behest of G20 countries in 2013. The reports are aimed at suggesting the measures to reform the...

Google Strikes Deal With U.K. Tax Authority

DAVOS, Switzerland—Google said Friday that it has struck a deal with U.K. authorities that will settle a tax dispute and boost its corporate taxes in Britain, part of a broader effort by European governments to wring more out of big firms in the tech sector. As part of the settlement,...

Tanzania: Managing Tax Risks – Double Tax Treaties and Implications to Undertakings of Multinationals

The term double taxation refers to an exposure to tax more than once on the same profit or income. There are two types of double taxation i.e. economic double taxation and juridical double taxation. Economic double taxation is broad and occurs in a situation where an amount of income is...

Chinese bank becomes first to open on Swiss soil

Switzerland took an important step toward becoming a renminbi trading hub on Thursday with its inauguration of a new branch of the China Construction Bank, (CCB), one of the biggest financial institutions in the world. The Zurich branch of the CCB has been authorised by China’s central bank to operate...