Italy on Income Tax

With Ruling no. 172 dated August 20, 2024, the Italian Tax Authority clarifies that interest expenses due in connection with higher taxes resulting that become due as a result of a tax settlements are fully deductible.

On August 7, 2024 the Italian Council of Ministers approved a law-decree that introduced, inter alia, an increase from Euro 100,00.00 to Euro 200,000.00 of the yearly substitute tax on foreign-sourced income and foreign assets held by individuals.

Un fenomeno di doppia imposizione come quello appena descritto potrebbe essere eliminato dal contribuente italiano avvalendosi delle previsioni contenute nell'art. 165 del TUIR, rubricato