Brexit has not been in place long enough for conclusions to be drawn about the real consequences of it on British companies and corporations. Even though, there is still much uncertainty about how UK businesses would be affected, the one thing that is clear up to know is that changes will come concerning VAT and import duties. This article does not seek to make a case for or against EU membership; rather we aim to set out the potential tax implications of leaving the EU. The main issue comes indeed from the fact that the UK is no longer part of EU’s Customs Union. As a result, EU’s customs … [Read more...] about Brexit and Tax – What Do Italian Businesses Need to Know?
New rules are starting to be set up by the Italian legislator in the after-Brexit European scenario. In tax fields, action comes on two fronts: foreign gift tax and foreign income tax. On the one hand, relative to gift tax, Marche’s Regional Tax Commission – Commissione Tributaria Regionale delle Marche – in a recent ruling, sentence 594/3/2016, stated that in the case of donations realized from a person who resides abroad, he is to be taxed on domestic immovable property, i.e. limited to those assets located in Italy. The Commission hence confirmed that taxation exclusively on domestic … [Read more...] about Brexit, Foreign Gift Tax and Budget Law for Foreign Income Sources