RELIEF FROM TAX MONITORING AND EXEMPTION OF IVAFE AND IVIE TAXES FOR NEW RESIDENTS

The 2017 Budget Law defined some application provisions of the new regime not directly governed by the new article 24-bis which provides for the exemption from compliance with tax monitoring and the exemption of IVAFE and IVIE taxes for new residents

In fact, it is provided that the subjects who exercise the option for the substitute tax on foreign income for the tax periods of validity of the option provided therein:

• are not required to fulfill the obligations related to tax monitoring to be carried out by completing the RW part of the declaration with an indication of the activities and foreign investments (referred to in Article 4 of Law Decree 28 June 1990, n. 167);
• are exempt from wealth tax on the value of properties located abroad – IVIE and from the tax on the value of financial products, current accounts and savings books – IVAFE, respectively provided for in article 19, paragraphs 13 and 18, of the law decree n. 201, December 6, 2011. Similar benefits apply to family members to whom the option is extended (pursuant to paragraph 6 of article 24-bis).

Furthermore, admission to the scheme cannot be combined with the incentives for the return to Italy of the so-called “Brains” (researchers) residing abroad (referred to in article 44 of law decree no. 78 of 2010), as well as with the facilities for the return of skilled workers (article 16 of legislative decree no. 147 of 14 September 2015) ).Studio STS is available with its professionals for consultancy and support, as well as for any in-depth study and evaluation.

Studio STS is available with its professionals for consultancy and support, as well as for any in-depth study and evaluation.