IRS launched a new program for the voluntary disclosure of offshore accounts. The program ends on August 31 and provides for reduced penalties for pas non compliance
February 2011
Italian Supreme Court Confirms Validity of Merger Leveraged Buyout
By Marco Rossi on
Italian Supreme Court with judgment 1372 of January 21, 2011 confirmed a merger leveraged buyout transaction is not abusive in itself and can be respected for tax purposes. As a result, the acquisition company’s interest expenses deductions used to offset the income of the target were allowed.…
New Bill Aimed At Introducing Flat Tax on Italian Real Estate Income
By Marco Rossi on
The bill on tax federalism currently under discussion in the Parliament would introduce a new flat 20 per cent tax on Italian real estate income. That would benefit foreign investors who are currently taxed at 30 per cent rate under most tax treaties. The new provisions would not apply to foreign real estate income and might be challenged as violating the non discrimination and free movement of capital provisions of EU treaty.…