Taxation on current accounts and investments changes in accordance with D.L 138/2011 converted into law 148/2011 where the amount of tax on returns will be 20% As from 1 January 2012 the rate relative to taxation on income from interest, dividends and capital gains will be merged into a standard 20% rate of tax. The effect of the reform translates into a rate reduction on current and deposit accounts and an increase for stocks, life policies, deriviatives and other tradeable assets and financial instruments. State bonds are excluded where the rate shall remain at 12.5% The increase will take effect from 1 January 2012
In a presentation to a number of trade unions associations the other day, the Agenzia delle Entrate (Italian Revenue Agency) announced that it will be running its new redditometro software on a trial basis starting from November 2011. Simply put, the redditometro is a yardstick used to calculate a person’s income tax. Full operation of this software, which will apply to tax returns from 2009, is expected to commence in 2012. This new measure has over 100 expenditure categories spread over 11 different groups according to the composition of families and geographical location. One of the objectives is to check for consistency between declared income and expenditure. The trial will use data from specific cases (the Agency guaranteeing anonymity of information collected from participants) and the software will be made available via the Agenzia delle Entrate’s web site, where provisions to collect feedback have also been made. In essence these measures form part of an overall strategy to clamp down on tax evasion and money laundering. Other important facets to consider include 1) the limitations placed on the use of cash payments - with the introduction of Decreto legge n. 138 13 August 2011 the threshold has now been reduced to 2,500 euro. This means for example, that if you wish to donate a sum of money to a relative, or pay a bill above this amount, you cannot use cash but you must pay by cheque or bank transfer. And 2) DL 78/2010 in force from 1 July 2011 which monitors all expenses greater than 3,600 euro (includingVAT) involving purchases of goods and services and obliges retailers and service providers to forward details of the transaction to the Agency. If you want to know how these new measures may affect you and your tax obligations, or if you need assistance in dealing with Agency compliancy checks, please contact us.
Hi, My wife and I have a property in Tuscany and we wish to add our son and daughter, and perhaps their spouses, as joint owners. Any advice on the actual legal process that would be needed and any cost implications would be most welcome.Kind regards,Dick Hill
Hi, this is my first post and question at this most informative site. We have a home in Tuscany and are ready to buy a car to leave here but keep getting conflicting information on doing it. Husband EU and CDN wife US and CDN both with codici fiscali living in Canada. What documentation is necessary for the purchase? What are the tax consequences? Last night someone told us if you are driving with an Italian car but a different nationality driving licence they can and will actually confiscate the car. Has anyone navigated this particular bureaucratic maze with good advice for us?Thanks,Dinah
Hi, someone told me I could fly from Italy back to the UK and back with only a UK photo driving license.I understand that you can travel in the EU with a Italian ID card instead of a passport, but I can find no official information that says a UK driving license is also valid for flying outside the UK and Ireland. Or in-fact anyone that has actually done it.Is it a myth?
Italy's waste problems have far from gone away and reports have been coming in of rubbish remaining uncollected throughout many regions. As part of the overall waste managenent strategy, the regional authorities are adressing the problem by implementing plans to open up more controvertial rubbish dumps; the size of which certainly poses considerable, hazardous threats to the local environment. In addition to the dumps, there is the additional problem of areas called isole ecologiche; these are small areas of land that have been designated by the comune to collect rubbish in waste separation containers. In addition to contaminated land which undoubtedly affects quality of life, these plans will also adversely affect the value of residential property, even for people who not not live within the immediate vicinity. Despite the fact that European regulations insist rubbish dumps need to be located well away from densely populated areas, you have to remember that although regions in Italy have a constituionally recognised status, they do have their own regional laws. This type of problem is ocurring frequently in many small towns (Comuni actually get substantial regional and provincial funds for implementing rubbish dumps) within the regions that do not have stringent planning resrictions and have thus decided to “industrialise” the countryside. We have already been approached by an estate agent to provide advice for his client, who purchased a property some years ago, and who is now devastated because her house is close to a site that has been earmarked as a potential rubbish dump; a geometra’s report recently stated that her property will become unsaleable if the comune goes ahead with this project. Apart from all the other obvious reasons why due diligence should be a cornerstone when buying property, this latest turn of events should provide a compelling reason why compehensive environmental checks and searches, carried out by a competent professional, need to be on every housebuyers agenda. www.luchettipartners.com
I'm at a bit of a loss with my accounting situation. I've had someone working on it but it appears that they haven't been paying my INPS for the past year. I'm no longer sure if they've been submitting my VAT either at this stage. I have a Partita IVA and have been doing lessons here and there. Earning about an average of €11,000 per annum and trying to do it all above board. Does anyone know how I can find out my arrears with both INPS and the VAT man (I'm afraid to just call up and admit the situation as this may cause more problems!!!) Have I any come-back? I've been paying them €500+ every 3 months for the past year and thought that this was going towards my contributions but have no idea now where it's been going.Turns out the office isn't a real accountants either. Having a bit of trouble sleeping!! Any advice would be greatly appreciated.
I need a bit of advice on house sale issues. I bought the place over 5 years ago so won't be hit up for the tax of selling before 5 years.......However, the price I bought the house for was different from the price written on the contract (assegni circolare and all that). It was very confusing for me at the time so I queried it and was told by the estate agent, the notaio and the bank manager "that's how it's done in Italy, nothing to worry about"...... Anyhow, I have since learned that it's not necessarily how it should be done........silly me for trusting in professionals.....My question now is, what happens when I go to sell. How much will it cost me if I sell at the actual price - a difference of €60,000 or so from the contract price?
Hello everyone,I am having some difficulties that I was hoping to get some help with. I need to set up my utilities to be paid by emailed invoices and automatic payments. I have tried to contact the utility companies directly but I do not speak Italian and I have not had any success with finding representatives who speak English. .Can someone offer me suggestions on the best way to proceed with this. It is so aggravating! I have just endured being hung up on for the 8th time in a row by the telephone company....grrrrrr!
Hi, I was just wondering if anyone could offer some advice about what to do in my particular circumstance. I currently have a student visa and permesso but they will expire at the end of June. I recently became an Irish citizen (and have the document to prove it) but am waiting on my passport (which takes about 6 weeks to get-AND who knows how long with Italian post!!!). I have a feeling it will not get to me in time before my permesso expires. To make matters more difficult, I am going to the states and will be coming back after my Permesso has lapsed. I am worried about not being let back in-and I am getting married here in July! Does anyone have any advice or know anyone that I could speak to that would know the proper course of action? I really appreciate it!!
Can anyone recommend an insurance company in Italy for household insurance. The quotes I have been getting are very expensive and the service is abismal. Are there any overseas insurance companies which provide this service as it may be worth paying extra not to have to battle on the pre-recorded phone system for hours! Thanks, Scott
Hi there, Over the years I have built up quite a formidable contact list of business people in the area local to me looking for English lessons. I'm at the stage where I would like to maybe take someone on as a second teacher but I am only running as a Ditta Individuale with a partita IVA - I haven't got a business opened (as it's so expensive).Does anyone know how I can go about having a second teacher without having to do it "under the table" or without having to spend over €10,000 to open a business - it's just not feasible. Any help or advice appreciated, thanks. Even if it is to confirm my ever increasing fear that it's just not possible.