Investment in Italy
Investment in Italy
Investment in Italy
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<strong>Investment</strong> <strong>in</strong> <strong>Italy</strong>date the tax is paid, if the taxpayer voluntarily discloses the violation no later than 30days after the payment deadl<strong>in</strong>e• a penalty equal to 3 percent of the unpaid <strong>in</strong>come tax is due, plus <strong>in</strong>terest of 3 percentper year, calculated on a daily basis from the date the tax should have been paid to thedate the tax is paid (this is valid only if the taxpayer files a voluntary disclosure priorto undergo<strong>in</strong>g assessment) provided the voluntary disclosure and payment take placewith<strong>in</strong> the deadl<strong>in</strong>e for fil<strong>in</strong>g the follow<strong>in</strong>g year’s <strong>in</strong>come tax return.Tax returns filed more than 90 days after the deadl<strong>in</strong>e are considered as omitted tax returnsand are subject to penalties of between 120 percent and 240 percent of the tax due. Insome circumstances, crim<strong>in</strong>al penalties may be imposed.For unpaid or underpaid <strong>in</strong>come taxes, a penalty equal to 30 percent of the unpaid tax isapplied, plus <strong>in</strong>terest of 3 percent per year, calculated on a daily basis from the due date tothe payment date.6.6Other taxes6.6.1Net wealth taxThere is no net wealth tax <strong>in</strong> <strong>Italy</strong>.6.6.2Real estate taxA municipal tax on immovable property (ICI) is levied on the possession of immovableproperty (build<strong>in</strong>gs, development land, rural land) located <strong>in</strong> <strong>Italy</strong>. S<strong>in</strong>ce 29 May 2008 thistax is no longer levied on immovable property used as a resident taxpayer’s primary home,except <strong>in</strong> the case of certa<strong>in</strong> luxury residences.The taxable base is the notional cadastral <strong>in</strong>come attributed by the immovable propertyregistry, multiplied by 100 for residential property and by 50 for bus<strong>in</strong>ess property (withsome exceptions).Depend<strong>in</strong>g on the municipality, the tax rates range from 0.4 percent to 0.7 percent of thevalue of the build<strong>in</strong>gs and land, plus any improvements. This tax is not deductible for <strong>in</strong>cometax purposes.6.6.3Gift and <strong>in</strong>heritance taxGift and <strong>in</strong>heritance tax is applicable to all Italian residents and also to non-residents whohave property <strong>in</strong> <strong>Italy</strong>. The tax rates are as follows:• 4 percent for beneficiaries directly related to the donor (i.e. spouse and children) or thebequeather. An exemption is given for the first EUR 1,000,000.00 of assets and cashtransferred to each beneficiary• 6 percent for brothers or sisters of the donor or the bequeather. An exemption is givenfor the first EUR 100,000.00 of the assets and cash transferred to each beneficiary64© 2012 KPMG S.p.A., KPMG Advisory S.p.A., KPMG Fides Servizi di Amm<strong>in</strong>istrazione S.p.A., KPMG Audit S.p.A., Italian limited liability share capital companies, and Studio Associato Consulenza legale e tributaria, anItalian professional partnership, are member firms of the KPMG network of <strong>in</strong>dependent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.