Italian News

Keep to date with recent Italian news here.

“IVIE” or the Italian tax on foreign properties is now due !

At the end of last year the Italian Parliament passed legislation introducing an Italian tax on foreign properties (“IVIE” or “Imposta sul Valore Immobili Esteri“) and on foreign financial assets (“IVAFE” or “Imposta sul valore delle Attivita` Finanziarie detenute all` Estero“) held by taxpayers (whatever their nationality) resident in Italy. So for instance, British citizens [...]

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

In the Italian Courts …..

19.09.2011 - Liability of incompetent / dishonest estate agents - In this case an Italian estate agent had eagerly pressurized a buyer to sign a preliminary contract for the purchase of a property, to pay the deposit and the agent`s full commission. In bringing pressure to bear on the buyer, the agent had also repeatedly [...]

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

Check the valueof your property … on the Italian land registry data banks.

The Italian Land Registry (Agenzia del Territorio) has made available to the public its data banks on selling and letting market values of Italian properties. These data banks are free of charge and open to anyone who may be interested. By collecting and updating the data which must now be provided on every sale / [...]

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

“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