|Italy Amends Company's Exit Tax Rules|
Parliament has approved a law decree
If company transfers its corporate tax residence abroad, the transfer is considered a sale, at market value, of the assets of the business, unless the assets remain part of a permanent establishment in Italy.
Under the new rules, where the corporate residence is transferred to another EU/EEA Member State, the taxation of the deemed capital gains relating to the assets transferred may be deferred until the gains are actually realized. The option can be exercised for transfers made after 24 January 2012.
A ministerial decree with the implementation rules will be forthcoming.
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Published on our website on February 23, 2012