Italian News

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“Federalismo Municipale” or the new, flat rate tax on Italian rental income.

As part of a general process of devolution (Federalismo) of administrative and fiscal powers from central government to local authorities / local town councils (Comuni ), a new, simplified form of rental income taxation has recently been introduced in Italy. The Italian private letting market is strictly regulated. Legislation restricts the freedom of landlords / [...]

By | October 23rd, 2016|Italian News|0 Comments

Sales and lettings of Italian properties: Energy performance certificate and new regulations.

New legislation has come into force in Italy at the end of March 2011, which applies to any sale / acquisition or even letting of properties, in compliance with a number of EU Directives. This new legislation effectively requires the buyer / tenant of an Italian property to formally declare in the deed of purchase [...]

By | October 23rd, 2016|Italian News|0 Comments

Tour operators` liability for disappointing “Package holidays”

Sometimes a contract includes more that what is written on the document. Representations made at the time the holiday was booked, orally or even in the form of photographs / promotional brochure illustrations may be held to be legally binding. A recent decision of the Italian Supreme Court ( Cassazione 04.03.2010 No. 5189) proves that [...]

By | October 23rd, 2016|Italian News|0 Comments

New restrictions on the use of cash in Italy.

A further reduction on the use of cash has recently been introduced in Italy. Under earlier legislation the overall permitted amount for cash payments, originally  was Euro 12,500 (Read article). This overall limit was  reduced to Euro 5,000 in May 2010, and then to Euro 2,500 in August 2011. With the December 2011 Budget (Manovra [...]

By | October 23rd, 2016|Italian News|0 Comments

The Italian tax amnesty on undeclared foreign assets

The introduction of new Italian legislation increasing (sometimes doubling) the sanctions for tax evasion related to illegal export of funds and undeclared foreign assets, has also been the opportunity to introduce a second tax amnesty in Italy, after the earlier, 2001 disclosure facility. This legislation applies to Italian residents under current tax legislation, whether Italian [...]

By | October 23rd, 2016|Italian News|0 Comments

Italian Budget 2010 – If a villa is not on the map at the Land Registry, it cannot be sold !

Under Italian law the taxation of buildings is inexorably connected with the Local Land Registry. Italian Income Tax (IRPEF) and local taxes like Italian Council Tax (Imposta Comunale Immobili - ICI) and refuse collection tax (TARSU) are levied on the values / data registered at the Local Land Registry (Catasto) against each property. It used [...]

By | October 23rd, 2016|Italian News|0 Comments

New rules for the protection of “Made in Italy”

In record short time and with the support of the whole political spectrum, new legislation was recently passed by the Italian Parliament for the protection of the "Made in Italy" appellation. Under this new legislation all "Made in Italy" finished and "intermediate" textiles, leather and footwear products offered for sale, must bear a compulsory label [...]

By | October 23rd, 2016|Italian News|0 Comments

New regulations expedite Italian banking services.

New regulations, in force since the 1st March 2010 introduce strict statutory deadlines for Italian banking services. Banks are sometimes slow in crediting payments, and very fast in debiting. New legislation implementing an European Union Directive now introduces statutory deadlines for all banks operating in Italy. Ordinary Italian bank transfers in Euro must now be [...]

By | October 23rd, 2016|Italian News|0 Comments

Italian Energy Performance Certificates: Just another hurdle or an opportunity ?

ITALIAN ENERGY PERFORMANCE CERTIFICATES: JUST ANOTHER HURDLE OR AN OPPORTUNITY ? If you sell a house or a flat in Italy, you are required to produce an energy performance certificate ("Attestato di Certificazione Energetica " - ACE for short) effective from 1st July 2009, when some legislation issued in 2005 eventually came into force. This [...]

By | October 23rd, 2016|Italian News|0 Comments

“FINANZIARIA 2008” a new pitfall for Italian property buyers.

"Finanziaria 2008" or the latest Italian budget is a complex, condensed and sometimes confusing raft of legislation which came into force last month. In an attempt to combat tax evasion in Italy, it has introduced a potential new trap for unwary buyers. Because of the way it operates, this new risk is difficult to ascertain [...]

By | October 23rd, 2016|Italian News|0 Comments