Carried interest: new clarification by the Italian tax authority in Memorandum n. 25

Italian tax resident individuals holding non-qualified stakes in companies resident outside of Italy can receive dividends during the tax year, which are taxed at a flat rate of 26%. Such profits are reported in Box RM12 – Section V gross of foreign taxes incurred in the source country (if the profit is received through a financial intermediary not resident in Italy) or net of foreign taxes (where the dividend is collected through an Italian bank)….

Article 24-bis of the Italian tax code (Tuir) allows individuals with large estates (so-called High Net Worth Individuals) who transfer their residence to Italy, to access the flat tax regime of 100,000 Euro, with an exemption from the tax monitoring obligations (FormRW) and from payment of IVIE / IVAFE (estate taxes on assets held outside of Italy), as well as an exemption from inheritance & gift tax. A condition required in order to access the…

20/11/2017 Lo Studio Tributario Associato – Battaglia Cesari Zangrillo è lieto di comunicare la pubblicazione di un articolo in tema di remunerazione dei top manager attraverso lo strumento dei carried interest, disponibile sulla rivista “La consulenza del lavoro”, edita da Eutekne. Il presente scritto è a cura di Fabrizio Valerio Battaglia, Matteo Cesari e Matteo Zangrillo. L’opera tratta le tematiche riguardanti: Il “Carried interest” come modalità di remunerazione nella prassi delle società e dei fondi…

October 30, 2017 The Italian Social Security Authority, with Circular Letter No. 154 of October 25, 2017, provides instructions on changes and additions to the bilateral Totalization Agreement between Italy and Canada, which entered into force on 1 October, with particular reference to: – determination and uniqueness of the applicable legislation – assignments – pension benefits – health controls in order to grant disability benefits – family benefits for pensioners – economic benefits for tuberculosis…

17 ottobre 2017 L’Agenzia delle Entrate ha pubblicato ieri la Circolare n. 25/E di commento alle disposizioni in materia di proventi da partecipazioni a società, enti o OICR di dipendenti e amministratori (c.d. carried interest) di cui all’art. 60 del D.L. n. 50/2017. La Circolare, richiamando i precedenti documenti di prassi e le pronunce giurisprudenziali, offre interessanti chiarimenti in merito alla qualificazione reddituale come redditi di capitale dei proventi percepiti da dipendenti o amministratori derivanti…

26 aprile 2017 Il 24 aprile 2017 è entrato in vigore il D.L. n. 50/2017 contenente misure urgenti in materia di finanza pubblica, in particolare per ciò che concerne: il contrasto alle indebite compensazioni; il regime fiscale delle locazioni brevi; il reclamo e la mediazione; le misure in materia di premi di produttività aziendale; il transfer pricing; gli investimenti in start-up innovative; la fiscalità dei proventi da partecipazioni a società, enti o OICR di dipendenti…

January 13, 2017 Legislative Decree n. 253/2016 is now in force. Such law provision rules the entrance and stay conditions for foreign citizens employed as executives, specialized workers and trainees within inter-company transfers, by adding to the Immigration Code article 27-quinquies on the entrance and stay of foreign employees resident outside of Italy and article 27-sexies with reference to employees already present in another EU Country, who are transferred in Italy by their Employer. In…

April 2, 2016 By releasing the Memorandum n. 6 on March 30, 2016 the Italian Tax Authority clarified several tax aspects related to acquisitions with liabilities of certain Target Companies which often take place in the private equity sector (so called Leveraged Buy-Out operations – “LBO”). In particular, the Italian tax administration commented on the passive interests tax deduction, the tax regime associated to income paid to non resident entities (i.e. dividends and interests), the…

January 20, 2016 The Italian Social security authority, by releasing Message n. 218/2016, notifies Companies of the new electronic procedure regarding the issuance of A1 model concerning employees assigned abroad as per EU Regulation n. 883/2004 and Regulation n. 987/2009. Feel free to contact us for any further clarification.

21/03/2015 Dpcm 29/2015, recently published on the Italian official Law Journal, contains the guidelines in order to opt for the severance payment cash-out in the monthly payslip. The Italian employer have to send the employees the form attached to the Dpcm in order to gather all subscriptions from the employees who are interested in the cash-out operation. Feel free to contact us for any further information.