Tre risposte dell’Agenzia delle Entrate a domande in materia di CFC affermano l’estensione della normativa sulle controllate estere anche ai casi di controllate estere che svolgono attività di trading e di lavorazione di prodotti per conto della casa madre. Le imprese italiane multinazionali sono costrette a rivedere la pianificazione fiscale dei rapporti infragruppo e valutare la necessità di un interprello a salvaguardia della non applicazione automatica della normativa con recupero di reddito e imposte e applicazione di conseguenti sanzioni in Italia
Anche la nuda proprietà nel modulo RW
Secondo la Risoluzione 142/E del 30n Dicembre 2010, Anche il diritto di nuda proprietà relativo ad un investimento estero suscettibile di produrre redditi imponibili in Italia va dichiarato sul modulo RW, facendo riferimento al costo storico risultante dall’atto costitutivo del medesimo, parallelamente alla dichiarazione del diritto di usufrutto da parte del titolare del medesimo.
Update on Italian Transfer Pricing Documentation Filing
By the first deadline of December 28, 2010 1,300 Italian taxpayers filed the transfer pricing documentation notice. Of them 500 come from foreign enterprises with Italian business operation. Transfer pricing documentation filing protects from penalties in case of audit and transfer pricing adjustments.
La Tassazione delle Pensioni Transazionali nella Nuova Convenzione Italia-USA
La nuova Convenzione Italia-Usa contro le doppie imposizioni modifica le regole in materia di attribuzione del potere impositivo sulle pensioni private percepite in relazione al rapporto di lavoro svolto in uno Stato contraente, dopo il trasferimento di residenza nell’altro Stato contraente. La regola attuale prevede che in questo caso le pensioni siano tassate esclusivamente nel primo Stato. Le regole interne applicabili in tale Stato potrebbero talvolta dare luogo a legittimi salti d’imposta.
Italy’s Tax Administration Issued Additional Clarifications on Italian Taxation of Trusts
Italy’s Tax Administration provided additional clarifications on Italian taxation of trusts. In particular, Circular n. 61/E issued on December 27, 2010 addresses the situations in which a trust is disregarded as abusive or fictitious interposition between the settlor and the assets and income of the trust and must be disregarded for tax purposes. Circular 61/E expanded the list of examples of abusive situations and shows the administration’s willingness to contrast the use of trusts for tax avoidance purposes.
ECJ Blesses International Tax Arbitrage Transaction
The European Court of Justice blessed international tax arbitrage in a VAT transaction by means of which taxpayer was able to obtain a credit for input VAT on purchases while avoiding payment of output VAT on sales. The result was obtained thanks to an inconsistent characterization of the transaction for VAT purposes under UK and German law. UK treated the transaction as a financial service taxable in the country of supplier (Germany), while Germany treated it a as a sale of goods taxable in the country of the goods are sold (UK).
Italy’s Tax Administration Issued Guidance on Transfer Pricing Documentation
Italy issued circular 58/E with guidance on transfer pricing documentation for multinational companies. The tax administration clarified that failure to file the transfer pricing documentation notice may be considered as a factor to select taxpayer that will be subject to audit
Italian Tax Court Rules Against Bank on Tax Abusive Transactions
In a post on December 3, 2010 we reported on a recent ruling issued by the Italian tax court of Emilia Romagna against an Italian banking group in respect of a series of structured finance transactions aimed at obtaining abusive tax benefits (mainly, foreign tax credits under applicable tax treaties).
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EU Council of Finance Ministers Adopted New Draft Legislation on Exchange of Tax Information
EU Council of Finance Ministers approved new draft legislation reinforcing exchange of tax information for contrasting tax evasion throughout the EU. The directive shall eliminate the banking secret and ultimately starting from 2015 the exchange of information will be automatic in several areas of tax law which fall within the scope of the directive.
Italian Tax Court Rules Against Bank on Tax Abusive Transactions
Italian tax court ruled against Italian bank on tax abusive transactions involving use of derivative contracts to generate tax credits and double dips. Italian tax administration wishes to rely on the ruling to resolve similar dispute with other banks. The total amount of income that can be recaptured is around three billion with an additional tax in excess of one billion plus interest and penalties. Additional comments on the ruling will follow on our blog