Italy & New England
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Tax & Legal
Capital Gains Taxes
The tax year in Italy ends on December 31st. Advance payments of tax are made on the following basis.
- Individual - An individual whose only income is from a salary is not obligated to file an annual tax return. His/her employer deducts tax from the employee and transfers the payment immediately to the tax authorities on a monthly basis.
- Self-Employed Individual - An individual who is obliged to pay 100% of the tax forecast for a year, or an amount that is the equivalent of 98% of the tax paid in the previous year, whichever is the lower. The pre-payment is made in two installments: 40% of the total is paid by June 20th and the remaining 60% is paid by November 30th. The date for filing an annual return for an individual is July 31st. Fines are imposed for arrears in filing an annual return at the rate of 120% - 240% of the tax, depending on the length of time that the return is in arrears.
- Limited Company - A limited company is obligated to submit Financial Statements within 30 days of the date of approval of the Statements. Up until the date of approval of the Statements, the Company is obligated to pay the amount of tax due for the previous year as well as 40% of the advance on account of the tax forecast for the current year.
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Featured Members
CIRA (Italian Aerospace Research Centre)
The Aerospace Sector, due to its very nature, is a field of high technology. The availability of advanced technologies and, still more, the ability to develop them with continuity, is considered in every country the basic requirement for the growth and durable success of its industries. CIRA (Centro Italiano Ricerche Aerospaziali) was established in July 1984 to respond to these needs. Please visit:
www.cira.it
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