TAX & LEGAL ADVISORS IN ITALY

Canal & Serraglia, a firm located in Venice north east Italy, provides to international clients expert English-speaking advisors in legal and tax issues. Our consultants can give you an advice both on corporate taxation system and on personal taxes in order to optimize your tax position in Italy. In additional, Canal & Serraglia offers full support and consultancy in all aspects of italian laws and regulations related to corporate activity.

Italian tax scenario is systematically updated at least once a year with the budget law, and this makes it difficult to be managed without experienced advisors. Throughout the year there are many fiscal deadlines to be met, and as many obligations about statements and documents.

At Canal & Serraglia we:

• assist clients with all round tax planning schemes, with the calculation of the tax burden and the preparation of individual, corporate, partnership, estate, charities and trust returns.
   
• provide fiscal consultancy to help companies running their normal and extraordinary transactions, tax planning, managing all issues regarding claims or tax audits by Italian tax authorities.
   
• can also be representatives and attorneys of the companies in tax courts.

For individuals we support our clients in managing their wealth by optimizing their tax position.
 

THE ITALIAN TAXATION SYSTEM

In Italy, taxation is levied at national, regional and local (municipality) level and it is managed by the Italian Agency of Revenue (Agenzia delle entrate).

Corporate national taxes
The corporate income tax is called IRES (Imposta sul Reddito delle Società) and is due by all companies. Some corporations (charitable foundations, church, sport clubs) are exempted.
The taxable base of IRES is determined according to a worldwide principle: Regardless of the location where the income is produced, if this is legally attributable to an Italian entity, the income is taxed in Italy.
IRES is calculated on the total net income as reported in the company financial statement, as amended to take into account of deductions or restrictions to deductions

Corporate local taxes
In addition to IRES, companies are subject to pay a local tax called IRAP, that’s charged on a regional bases. There are other local taxes such as IMU on company real estate. 

Indirect taxes
In Italy there are many indirect taxes, the main one being the VAT (value added tax), called IVA. The Italian IVA applies to most sales of goods or services, with different rates according to the nature of the products or services on sale. Other indirect taxes apply to official deeds such as purchases of land and properties and are the Registration, Mortgage and land Registry Tax, the Stamp Duty, taxes on fuel or alcoholics (Accise).

Personal taxes
The main national income tax applied to individuals is called IRPEF. In addition, the individual is subject to pay other regional and municipal income taxes on its income from assets like land, buildings and securities.
There is another important tax that is the estate duty on the death of a person, that is in Italy very low and very convenient compared to the same applicable in the other developed countries

 

Canal & Serraglia Tax & legal advisors in Italy, Venice north east