The draft Legislative Decree implementing the reform project on international taxation provided for by Law 111/2023, which is currently being examined by the parliamentary committees, intervenes on the Controlled Foreign Companies ("CFC") rules, and in particular on the quantification of the so-called effective tax rate ("ETR").
The draft Budget Law for the year 2024 provides for an increase in the so-called mini-wealth taxes on real estate and financial products held abroad by Italian residents.
The Italian Council of Ministers has preliminarily approved the draft legislative decree for the reform of international taxation, in order to implement the 'Tax Reform' Law No. 111/2023.
Following Law No. 111/2023 the Italian Government released a draft on the reform of the principles of tax residence for individuals and corporate entities.
As of 1 January 2024, major changes to the Italian ‘impatriati' regime will come into effect. A grandfathering rule will be implemented to protect those who moved to Italy by 31/12/2023 under the current rules.
Belluzzo International Partners is a multidisciplinary, international and independent professional boutique that provides consultancy in the areas of Wealth, Law, Tax, Finance.
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