For more information about our organization, please visit ey.com. Certain deeds/certificates/documents, expressly indicated by law are further subject to stamp tax, which is applied at a fixed amount (from €1.00 to €300.00) or proportionally (rates generally range from 0.01% to 0.12%). The general corporate income tax rate will be reduced to 11.00% effective 1 July 2019, and will continue to decrease by 1.00% every 1 January until 2022. Certain VAT exclusions are provided, for instance: in case of international sales of goods/provision of services; sales of agricultural lands; financial transactions; and real properties. Save what resonates, curate a library of information, and share content with your network of contacts. The aggregate income of companies is determined by making the required tax adjustments, increasing or decreasing the statutory profit or loss shown in the profit and loss account for the year, plus or minus the items that are directly recorded in the Financial Statements.
Transfer of sales branch of business in the context of M&A transactions are not subject to VAT, however, they are subject to registration tax depending the type of assets included in the branch of business.
4.1 What is the headline rate of tax on corporate profits? Corporate profits are subject to a corporate income tax (“Imposta sul reddito delle società” or “IRES”) at the rate of 24%. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-Ã -vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The basis of the substitute tax is represented by the value of the participation as of 1 January 2019 and needs to be certified by a sworn appraisal prepared no later than 30 June 2019. The main benefits deriving from such a co-operative compliance programme include: 10.1 Has your jurisdiction introduced any legislation in response to the OECD’s project targeting BEPS? a reduction of time for obtaining the response to tax rulings (45 days from the request, instead of 90); a reduction of the minimum administrative tax penalties applicable in case of tax assessments; and. 3.5 If so, is there a “safe harbour” by reference to which tax relief is assured?
a dispensation from the presentation of guarantees in case of tax refunds. Tax recognition for capital gain purposes occurs starting from the fourth year following the one in which the step up was made (e.g., from 1 January 2022 for calendar year companies). 4. Click anywhere on the bar, to resend verification email. Review our cookie policy for more information.