The European Commission confirmed that Italian anti inversion rules treating foreign companies owned or controlled by Italian national and owning or controlling Italian companies as Italian resident companies subject to tax in Italy do not violate EC law to the extent that they are designed to combat tax evasion and provide taxpayers with a reasonable opportunity to rebut the tax residency presumption and treat the foreign company as foreign and outside Italian tax net
International Taxation
IRS Launches a New Offshore Voluntary Disclosure Program
By Marco Rossi on
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…
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.…
Anche la nuda proprietà nel modulo RW
By Marco Rossi on
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 Marco Rossi on
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.…
Italy’s Tax Administration Issued Guidance on Transfer Pricing Documentation
By Marco Rossi on
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 Taxation of Collective Investment Vehicles and Treaty Benefits
By Marco Rossi on
Mutual funds give investors an opportunity to participate in diversified investment holdings and access to professional managent on the face of a relatively small investment.
The Italian tax treatment of domestic mutual funds is designed to provide portfolio investors with the same tax treatment they would receive if they owned directly the same investments that…
Marco Rossi of MQR&A Spoke at Chartered Institute of Taxation’s Meeting in Milan
By Marco Rossi on
Marco Rossi was one of the speakers at the meeting organized by the Chartered Institute of Taxation in Milan on October 15, 2010. Marco presented on transfer pricing documentation requirements from the perspective of the United States and regional organizations such as PATA, EU and OECD. Italy recently enacted its own rules on transfer pricing…
OECD Issued Report on Granting of Treaty Benefits In Respect of Income of Collective Investment Vehicles
By Marco Rossi on
On 31 May 2010 the OECD Committee on Fiscal Affairs released a Report on “The Granting of Treaty Benefits with respect to the Income of Collective Investment Vehicles”. The Report contains proposed changes to the Commentary on the OECD Model Tax Convention dealing with the question of the extent to which either collective investment vehicles (CIVs) or their investors are entitled to treaty benefits on income received by the CIVs. These changes are expected to be included in the 2010 Update to the Model Tax Convention (the draft contents of which were released on 21 May 2010) and the Report would then be included in volume II of the loose-leaf and electronic versions of the Model.
Marco Rossi of MQR&A lectured at the Fairfield University International Tax Program
By Marco Rossi on
On July 14, 2010 Marco Rossi presented a lecture on the European Union and EU tax law to candidates/students of Master of Science in Taxation at Fairfield University. We provided an overview of the European Union and its institutions, discussed the sources of EU law and the main developments in the area of EU statutory tax…