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• EPO released the Patent Index 2020: in the year of Covid-19, Italy plays a major role in healthcare innovation

  The European Patent Office (EPO) released the Patent Index 2020, which gives an overview of the filing activities in the EU during the past year. Despite the Covid-19 pandemic’s dramatic impact on all aspects of the economy, the number of patent applications filed only slightly declined with a 0.7% decrease compared to 2019. In this scenario,...

• Foreign Trust’s Italian Protector Not Required to Report Trust’s Foreign Financial Accounts, Italy’s Tax Agency Ruled

  With its private letter ruling n. 506 of October 30, 2020 (Ruling 506_2020), the Italian Tax Agency ruled that the Italian protector of a foreign trust which holds foreign financial assets and accounts to the benefit of an Italian resident individual does not qualify as beneficial owner of the trust. As a consequence, according to...

• U.K. Resident Non-Domiciled Individual Not a Treaty Resident Eligible For U.K.-Italy Tax Treaty Benefits, Italian Supreme Court Says

  In its Supreme Court Ruling n. 21695-2020 (issued on October 8, 2020) the Italian Supreme Court held that an individual (the “Taxpayer”) who is classified as a resident non domiciled in the U.K., is not eligible for the benefits of the income tax treaty between Italy and the U.K. of October 21, 1988, entered into...

• Italy Quarantine Waived For Arrivals on Certain “COVID-Free” Flights

  Italy has become one of the first countries to waive the quarantine requirement for travelers who arrive on designated “COVID-free” direct flights.  By an ordinance issued by the Italian Ministry of Health, passengers who have tested negative for COVID-19 will be allowed to travel to Italy without being subject to the current 14-day quarantine measures...

• Italy Quarantine Waived For Arrivals on Certain “COVID-Free” Flights

  Italy has become one of the first countries to waive the quarantine requirement for travelers who arrive on designated “COVID-free” direct flights.  By an ordinance issued by the Italian Ministry of Health, passengers who have tested negative for COVID-19 will be allowed to travel to Italy without being subject to the current 14-day quarantine measures...

• Officer Employed by AIDA Cruises Disappears

  Several news outlets in Italy report that a young Italian officer working on an AIDA cruise ship has not been accounted for after his family reported him missing. ShipMag reports that Alessio Gaspari, age 25, was employed by AIDA Cruises as a third deck mate serving on an AIDA ship. His family reported him missing...

• Will COVID-19 vaccinations become mandatory for employees in Italy?

  Italy’s COVID-19 vaccination programme is underway, with health care workers and staff in care facilities at the front of the queue. According to a recent report published by the Health Ministry, more than 1 million people received the inoculation in the first two weeks of the nationwide vaccination campaign. This makes Italy one of the...

• Italian Supreme Court Rules on Evidentiary Value of Foreign Account Documentation, Computation of Taxable Income From Undeclared Foreign Accounts

  Italy’s Supreme Court’s ruling n. 26965 of November 26, 2020 provides a clear example of how things can quickly turn for the worse, for an ill-advised taxpayer who fails to report a foreign financial account on his Italian income tax return, and then fails to properly handle the following tax inquiry and audit stemming from...

• Temporary transitional measures for EU27 Member States (summary) – further update

  Italy: A partial relief on Brexit transition period has been granted to UK banks, electronic money institutions operating through a branch and investment firms (the UK Regulated Entities) that submitted the authorization application to the relevant competent authority before 31 December 2020. Conversely, UK payment institutions, electronic money institutions operating under the freedom of services...

• Italy’s Tax Agency Provides Clarification on Special Tax Regime for New Resident Workers, Professionals and Entrepreneurs

  With Circular n. 33 of December 28, 2020, Italy’s Tax Agency provided administrative guidance on the special tax regime for new resident workers, professionals and entrepreneurs. The special tax regime, amended and extended in 2019, provides a 70 percent exemption from tax for income earned by individuals who establish their tax residence in Italy. Eligible...

Featured documents

• AP blogs from the Olympics : No RSS feeds?

  From the Washington Post, AP is logging from the Olympics. AP staffers from around the world are in Turin, Italy, to cover the Winter Olympics. They’ll be filing reports on the sights, sounds and the atmosphere of the games, which began Friday night with the opening ceremony and began in earnest...

• EU Outbound Merger Not Eligible For Tax-Free Treatment if No Permanent Establishment in Italy After the Merger

  Italian tax administration rules that EU merger does qualify for tax free treatment under the EU merger directive if no permanent establishment in Italy exists after the...

• FDA Traces Salmonella Outbreak to Sprout Seeds

  According to this story in he Packer, the FDA has traced the recent salmonella oubreak in alfalfa sprouts to imported seeds.  Caudill Seed Co, of Kentucky, has recalled batches of seeds imported from Italy. The recent sprout outbreak has sickened 35 persons in 7 states....

• Italy Extends Statute of Limitation for Foreign investments and CFCs

  Italy Extends to 9 Years the Statute of Limitation for Income from Foreign Investments and Controlled Foreign...

• Italy’s Tax Administration Announces More Controls on Nonresidents’ Tax Refunds

  Italy's tax administration announced stricter controls on tax refund applications filed on behalf of nonresident persons, and sent a notice to various banks acting as intermediaries in which it requested more information in order to avoid abuse and treaty shopping. As a result, banks may be...

• Chancery Addresses Personal Jurisdiction over Companies Based in Italy

  Reid v. Siniscalchi, et al., C.A. No. 2874-VCN (Del. Ch. Jan. 31, 2011). See summary of prior decision of the Delaware Supreme Court in this case here, before the remand which led to the instant opinion by the Court of Chancery. Issue:  The broader issue was whether Court of Chancery Rule 12(b)(2)...

• TOWARDS A EUROPEAN CLEAN HANDS OPERATION?

  A motion has recently been voted at the European Parliament in Strasburg with a view to encouraging the European Commission to prepare a directive to fight against international organised crime (mafia) throughout the European Union....

• Costa Concordia – Lessons Learned and Path Forward

  When the Costa Concordia ran aground on a reef off Giglio Island near the Tuscan coast of Italy last month, owners and insurers of vessels certainly paid attention. How could they not? The incident was the most noteworthy shipping casualty since the Exxon Valdez disaster, and it is now being called ...

• NBC to Broadcast Special Report on Costa Concordia

  On Thursday night at 10:00 PM, NBC will broadcast a special report on the Costa Concordia during an episode of Rock Center With Brian Williams.  The special will features a story about the survivors of Italy’s Costa Concordia shipwreck, and the rights that they unknowingly signed away when they...

• Who’s to Blame? Costa Concordia Criminal Hearing Begins in Italy

  Today the hearing begins in Grosseto, Italy to determine who should be named as defendants in the criminal trial involving the deadly Costa Concordia disaster. The potential defendants from the cruise ship include infamous Captain Schettino who was at the helm when he maneuvered the ship into the...