By: Kozhevnikova Arina Karzhavina Galina Yudin Alexey
The most important revenue sources in Italy are income tax, social security, corporate tax and the value added tax, which are all applied at the national level. § Individuals are considered resident for tax purposes if for the greater part of the tax year they satisfy any of the following conditions: § - their habitual abode is in Italy, § - the center of their vital interests is located in Italy, or § - they are registered at the Office of Records of the Resident Population in Italy.
Due to the different types of income, exemption from IRPEF(imposta sul reddito delle persone fisiche) is determined at: § 8, 000 euros, for subordinate workers, if their employment period coincides with the entire year; § 7, 500 euros, for pensioners under 75 years of age, if the pension is cashed in for the entire year, and for those receiving palimony from ex spouses; § 7, 750 euros, for pensioners aged 75 or older, with a pension period that coincides with the whole year; § 4, 800 euros, no matter how many days they work a year, for taxpayers with other types of income. § The area exempt from Irpef increases further if there are dependent family members.
§ IRES - the corporate income tax (imposta sul reddito delle società) in Italy is 24% (except for banks and other financial entities) since 1. 1. 2017. § Some corporations are exempted from corporate tax, such as charitable foundations, church institutions and sports clubs.
§ IRAP - local tax – a regional tax on productive activities (imposta regionale sulle attività produttive) on their Italian-source income. § For manufacturing companies, IRAP is imposed at a standard rate of 3. 9% on the “net value of production”. § “net value of production” is calculated by subtracting the cost of production from the value of production
§ Dividends distributed to Italian entities and branches subject to corporate income tax are 95% excluded from corporate taxation regardless of the source (domestic or foreign) of such dividends and are taxable on a cash basis. § Under Italian domestic law, a 26% withholding tax is imposed on loan interest paid to nonresidents. Lower rates may apply under double tax treaties.
§ by the end of the ninth month following the end of the company’s fiscal year
§ Purchase taxes on property in Italy § IUC - taxes on the ownership of the property § IMU - tax on ownership § TASI - Taxes on lighting, maintenance provided by the Town Hall § TARI - tax on waste collection
As an EU national, if you want to register and use your car in Italy, you must pay the following taxes: § registration taxes (Imposta provinciale di Trascrizione) § road tax (Bollo auto) All categories of vehicles are subject to registration taxes. Your vehicle can be exempted from road tax if you have a disability. The vehicle must be less than 2000 cc if running on petrol, less than 2800 cc if on diesel.
§ Cigarettes 57% of the weighted average retail selling price of cigarettes released for consumption § Cigars and cigarillos an excise of 5% of the retail selling price inclusive of all taxes § Fine cut tobacco equal to 40% of the weighted average retail selling price of fine § Petrol Leaded Petrol 42% § Ethyl alcohol 55% of pure alcohol
§ In 2016 almost all taxes underwent base and rent decrease, for example the IRES rate was 27. 5% and from the beginning of this year it has decreased to 24%
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