Tax Pills

"Investing in Italy, challenge or opportunity?" The Revenue Agency met in London foreign investors
To raise awareness on the last favorable changes in the Italian tax system with the aim of persuading foreign companies to vehicle massive investments in the Bel Paese. That’s the main aim of the meeting which was held today in London, with the Italian Revenue Agency on the front line in  collaboration with the Italian Embassy, ICE - the Agency for the promotion abroad and the internationalization of Italian companies - and the Ministry of Economic Development. The discussion was also attended by the Law Firm Gianni Origoni Grippo Cappelli & Partners, the Westfield Corporation and the Italian association for private equity (Aifi).
Why invest in Italy? Opppppps….! Ask to the Revenue Agency - Creativity, design, fashion, tourism, art and culture are the historical brand of Italy. But it's not enough. To attract capital, in fact, fiscal and regulatory infrastructure should also be well coordinated, effective, solid and functional to the goals of the investor, and above all, in line with the times. In 2015, Italy has moved decisively on this direction thanks to the approval of the so-called Decree on internationalization of enterprises whose purpose, among others, is also to attract foreign capital. To this first step must be also added the introduction of the Patent box, whose adoption has been strictly connected to the law of stability final approval by the Parliament. However, these are just some of the tax measures of those that in 2015-16 period have made the country to mark a strong advancement in the adoption of a taxation more in step with times and therefore more open to attracted investments, especially foreign ones, whose inward flux is generally acquired as a reliable indicator to assess the economic strength of a country, in this case of Italy. And so, alongside renown legendary brands, it’s now up to the Tax administration to fill the role of attraction of foreign investors, illustrating a new ad hoc pro-investment kit rich of appealing tax rules.
If the taxman appeals investors - The task of setting the framework of fiscal news that more distinctly look to foreign investors has been performed by Annibale Dodero, Director of the Revenue Agency's management Directorate. Particularly, the Director as well as underlining the strategic importance of the adoption of new tax rules such as the Patent-box and the ruling on new investments has also emphasize the importance of innovations such as the introduction of  ACE, Allowance for Corporate Equity, also known as Notional Interest Deduction – or NID, a tax incentive introduced to promote the recapitalization of undertakings and to mitigate the different tax treatment applied to companies funded with debt and others funded with equity, and the adoption of the Research & Development tax credit, reserved for business activities to boost research and development. Dodero concluded his speech by reminding that running from fiscal year 2017 is also scheduled the reduction of income corporate tax rate from 27.5% to 24%.
The “tax advance ruling on new investments” - During the meeting Gaetano Scala, responsible of the Revenue Agency’s office that deals with the management of the newly introduced tax ruling for new investments, has illustrated the positive effects of the introduction of this innovative fiscal measure, including economic growth, more competitiveness and internationalization of enterprises, all factors guaranteed by the establishment of new advanced forms of coded dialogue, reliable and secure, between tax authorities and taxpayers. In this frame it fits the Ruling on new investments, introduced by Decree 147/2015, which is aimed at those individual entrepreneurs, commercial and non commercial companies, including trusts, partnerships, Group of companies and other company associations (e.g., joint ventures, temporary company associations, consortiums), either resident or nonresident. The investment must be worth at least 30 million euros with reference to one or more years. Through this new fiscal tool, it explained Gaetano Sala, taxpayers intending to realize long-lasting and relevant investments within the Italian territory, can obtain the preventive opinion from the Italian Revenue Agency about the tax treatment applicable to business plans and related extraordinary operations. Therefore, its application pursues the main aim to give more certainty to the economic operators in the determination of fiscal burdens connected to relevant investments in Italy.
Italian Revenue Agency and Tax Administration of Bavaria together for a “Joint audit” project
cordoncini colorati e intrecciati
Strengthen the administrative cooperation in tax matters through the implementation of joint simultaneous audits at taxpayers belonging to the same group of companies, with offices both in Italy and Bavaria. This is the aim of the agreement that will be sign next Friday, July 15 at 11 am, in Milan,  between the Italian Revenue Agency and the Tax Administration of Bavaria, in occasion of the conference "Project for the strengthening of administrative cooperation in tax matters between Italian Revenue Agency and Tax Administration of Bavaria”.

The project at a glance - After an initial pilot phase coordinated by the Central Directorate for Tax Assessment of the Italian Revenue Agency, which involved the Veneto region and Bavaria, the Italian and Bavarian tax authorities renew their commitment to strengthen the administrative cooperation in tax matters. The new phase of the project, which also involves the Lombardy region and the Autonomous Province of Bolzano, foreseen a joint cross-border audit plan for 2016-2017.
The main objectives of the new phase of the project are: enhance the efficiency of tax audits relating to cross-border issues, reducing the administrative burden for taxpayers; make effective implementation of the administrative cooperation instruments; reduce the number of Mutual Agreement Procedure, fight the Aggressive Tax Planning and issues related to "BEPS" (Base Erosion and Profit Shifting).

FiscoOggi è una pubblicazione dell'Agenzia delle Entrate - Ufficio Comunicazione
Testata registrata al Tribunale di Roma il 19.9.2001 con n. 405/2001
Direttore responsabile Claudio Borgnino