New deadlines for the voluntary disclosure

Italian tax resident individuals holding non-qualified stakes in companies resident outside of Italy can receive dividends during the tax year, which are taxed at a flat rate of 26%. Such profits are reported in Box RM12 – Section V gross of foreign taxes incurred in the source country (if the profit is received through a financial intermediary not resident in Italy) or net of foreign taxes (where the dividend is collected through an Italian bank)….

Italy has been a country aimed at attracting talents in various sectors and special tax regimes are available to individuals, representing a strong motivation for moving to our Country: impatriate workers: allows 70% tax reduction (or 90% for those moving to the South of Italy) for the benefit of employees and consultants with a VAT number. This regime lasts 5 years plus additional 5 in case the individual meets the requirements for the extension researchers:…

October 30, 2017 The Italian Social Security Authority, with Circular Letter No. 154 of October 25, 2017, provides instructions on changes and additions to the bilateral Totalization Agreement between Italy and Canada, which entered into force on 1 October, with particular reference to: – determination and uniqueness of the applicable legislation – assignments – pension benefits – health controls in order to grant disability benefits – family benefits for pensioners – economic benefits for tuberculosis…

June 2, 2017 Amendments to Law Decree n. 50/2017  approved by the Chamber of Deputies introduce some important facilitations to the voluntary disclosure procedure of L.D. n. 193/2016: the taxpayer may recover the tax credit for taxes paid abroad on the employment income object of the procedure the increased penalties apply only in the event that the taxpayer does not opt for the self-assessment of the tax due but waits for the penalty imposed by…

April 3, 2017 The Italian tax authority released a Provision on 31 March 2017, extending the deadline for employees who have transferred their residence to Italy by 31 December 2015 in order to access to the special tax regime provided by Legislative Decree no. 147/2015. The employees may opt until 2 May 2017 for the facilitated measure that provides a 30% reduction of the taxable basis (year 2016) and 50% reduction (year 2017) for the…

10 february 2017 Decree of 28 December 2015 (Official Gazette Office. n. 303 of December 31, 2015 General Series), in force as of 1 January 2016, turned into force Law 18 June 2015, n. 95 and Directive 2014/107 / EU of the Council of 9 December 2014 amending Directive 2011/16 / EU with respect to the automatic mandatory exchange of information for tax purposes. Therefore, from 1 January 2016 the tax authorities of OECD Countries…

January 31, 2017 The Ministry of Economy and Finance has amended Annexes C (List of jurisdictions object of communication) and D (list of participating jurisdictions) related to D.M. 28 December 2015 concerning the mandatory automatic exchange of tax information. The above Decree rules the methods for recording, transmission and communication to the Italian Tax Authority of the information relating to financial accounts, as well as procedures relating to due diligence for tax purposes. The new…

October 25, 2016 The Italian Tax Authority, in a press release issued yesterday, has given the green light to adhere to the Voluntary disclosure from October 25, 2016. In fact, the Italian Tax Authority allowed to use the previous appeal model approved last year and to transmit it electronically, by means of licensed professionals. In addition, the professional will send to the client’s account via Electronic Certified Mail a preliminary accompanying report with details of…

October 2, 2015 Law Decree n. 153/2015 dated September 30, 2015 granted an extension until November 30, 2015 in order to file the voluntary disclosure form (allowing the taxpayer to amend the same model and to file the supporting report and documents until December 30, 2015) without applying additional penalties. The Firm is available to provide assistance to those taxpayers who are likely to apply for the voluntary disclosure procedure. For any further information feel…

July 17, 2015 By releasing the Memorandum n. 27 dated July 16, 2015, the Italian tax authority answers a set of questions asked by professional and intermediaries regarding the voluntary disclosure procedure. Among other topics, the Memorandum explains the cases of a financial position held by a subject different from the beneficiary and by an effective owner (i.e. appointed), on joint-stock companies CEOs and on the treatment of wealth tax on foreign real estate properties…