|
|||
| Home About I/ACT Italy & New England Sponsors News & Events Member's Section Contact Us | |||
 |
|||
 |
|||
Italy & New England
|
Tax & Legal
Individual Income TaxAn individual is liable for tax on his/her income as an employee and on income as a self-employed person. Tax is paid on income earned in Italy and overseas by an individual who meets the test of a "permanent resident" of Italy. One of two tests must be passed to be considered an Italian resident: 1) a life centered in Italy, or 2) being registered in the Population Registry as living more than 183 days a year in Italy. A foreign resident who is employed in Italy pays taxes only on income earned in Italy. It is important to point out that a "tax credit" is granted for tax deducted outside Italy. In the case of income from a salary, the employer is obligated to deduct the amount of tax payable on a monthly basis. A self-employed person must prepay income tax that will be offset upon filing an annual return. The advanced payment is determined on the basis of the return made for the previous year. In the event of a new business, the advance will be calculated on the basis of estimates made by the owner of the business. Certain payments are deductible from taxable income. 2005 Individual Income Tax Rates 
|
Featured Members
|
|
|
Quick Links
|
|||
|
|||
|
|||
| Italy / America Chamber of Commerce and Technology New England | info@iactnewengland.com | ||
Membership Renewal
Useful Links
Sitemap
FAQs