Euro 100.000 flat tax available to HNWI only without Anagrafe registration in the previous 9 years
Article 24-bis of the Italian tax code (Tuir) allows individuals with large estates (so-called High Net Worth Individuals) who transfer their residence to Italy, to access the flat tax regime of 100,000 Euro, with an exemption from the tax monitoring obligations (FormRW) and from payment of IVIE / IVAFE (estate taxes on assets held outside of Italy), as well as an exemption from inheritance...
Special tax regimes in Italy for individuals
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...
Cryptocurrencies under the spotlight of tax authorities
Whether they are considered investments or means of payment, cryptocurrencies are increasingly attracting the attention of stakeholders. In brief, cryptocurrencies are under the spotlight.
These assets do not yet have a tax framework in Italy, although the Italian Tax Authority already provided some clarifications regarding direct and indirect taxation in specific Rulings.
In particular, with...
Social security position in Italy for foreign companies
The social security position in Italy for inbound employees is becoming more important for multinational companies.
In fact, the presence of a Totalization Agreement with Italy may risult in keeping the contribution of the employee in the country of origin, with an obligation for the foreign company to pay social security in Italy or minor contributions.
In both cases, it is necessary to open...
Social security for Italians hired by foreign companies
Italian employees hired by foreign companies with a local contract must carefully evaluate the social security obligations which vary according to the country where the employee is hired.
In such circumstances, a distinction must be made between:
EU countries, countries adopting EU legislation via specific agreements with the European Union countries with which Italy has entered into full...
Italy Inpatriates, countdown to 70% exemption as deadline for annual tax adjustments approaches
Inpatriates who transferred their tax residency in Italy as of January 1, 2020 need to prove their Employer by the end of December 2020 that they are entitled to 70% exemption applicable to the employment income produced in Italy by inbound workers who were not resident in Italy during the two years prior to the transfer in Italy and who are committed to remain in Italy for at least two years....
ITALY – FAVOURABLE TAX REGIME IN ITALY
The Italian Government approved the Growth Decree, which entered into force starting from May 1, 2019.
1. Expatriates. Provisions in favor of expatriate personnel have to be highlighted as those who transfer their residence in Italy starting from FY 2020 may benefit from a 70% tax exemption on their income from employment, director’s income and self-employment income.
The...
Italy – This time Gucci’s owner Kering SA owes about € 1.4 billion to Italy in back taxes
Kering SA, the Paris-based luxury goods conglomerate, which owns brands such as Gucci, Saint Laurent, Balenciaga, and Alexander McQueen revealed that the Italian tax authorities completed a tax audit report covering the years 2011 through 2017. According to the tax audit report, Luxury Goods International (LGI), a Swiss subsidiary of Kering, conducted business activities in Italy which...
Italy – New tax regime for “high net worth individuals”
As of the tax year 2018 it is possible to apply for the new tax regime for “high net worth individuals” based on which a fixed tax amount of Euro 100,000 is due for income derived outside Italy.
The new flat tax:
absorbs the progressive taxes deriving from employment income derived outside of Italy;
absorbs all substitute taxes due on foreign dividends from non-qualified...
Deadline for regularizing financial and estate assets held abroad
July 31, 2017 is the deadline for regularizing the financial and estate assets held abroad by individuals who, in the years between 2009 and 2015 (and in some cases since 2004), qualified as resident taxpayers in Italy. The assets object of the voluntary disclosure procedure are also those instruments such as stock options, shares, restricted stock units, phantom stocks, stock appreciation...