Italian News Headlines 15-06-2024 - 160 earthquakes have hit the Campi Flegrei area of Naples in the last few days, including one measuring 4.4, the strongest to be measured in over 40 years --- The owner of a restaurant in Sorrento, tired of looking for suitable waiters, has bought two robots to serve his customers --- Statistics released for 2022 show Italy produced 40% of Europe's tomatoes --- Jannik Sinner rises to ATP number 3 in the world after his semi-final win in Rotterdam --- Jannik Sinner becomes the first Italian to win the Australian Open tennis tornament --- Italian social media influencer, Chiara Ferragni, is under investigation for fraud over a Christmas Cake sponsorship deal with Italian cake manufacturer, Balocco --- A man and a woman died when their Mercedes SUV broke through the barrier of a car park overlooking Lake Como and plunged 10 metres into the water --- Interbrand, the world's leading brand consultancy, has valued Italy's 'Vespa' at over one billion euros --- Judges in a bomb-proof courtroom in Calabria, have sentenced 200 'Ndrangheta members to more than 2,200 years in prison

Italian Tax System

Tax

If you are a British Expatriate living in Italy, or you are planning to relocate to Italy from the UK, you will need to assess your tax position.

Italy imposes corporate and personal income tax on its residents on their income. Tax rates are on a sliding scale and range from 23% to 43%. If you’re a foreign resident working in Italy, you’re only taxed on the income earned in Italy.

There are reduced rates of tax and tax exemptions available to certain income earners, although careful and meticulous consideration is required. Tax evasion is a huge issue in Italy and the government is working hard to crack down on this.

Taxation on property is very favourable in Italy compared to many other countries. There are no restrictions on foreign ownership. Real estate has two separate measurements: the transaction value (TV) or the cadastral value (CV). CV is generally much lower than TV.

The UK has a double taxation agreement with Italy so that you do not pay tax on the same income in both countries.

If you plan to move to Italy and work, even if you continue working for a UK-based company, you and your employer may need to pay social security contributions in Italy. These social security contributions would entitle you to certain benefits, such as healthcare, in Italy.

You may also be eligible to claim some additional Italian social security benefits.

As always, seek advice from a lawyer familiar with the Italian taxation system.

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