3rd December 2019
In his recently published article in The Florentine magazine, MGI Worldwide accountancy association member, Pierpaolo Vannucci, from Lucca-based MGI Vannucci e Associati, discusses the positive changes introduced by the new tax regime as of 2020 for Italian or foreign workers who, after a period abroad of at least two years, transfer their residence to Italy and who mainly work in Italy.
Who are the beneficiaries?
The new tax frame applies to all citizens residing abroad who i) have not been resident in Italy for the last 2 years; ii) establish their residence in Italy and become an employee or run a business, and iii) pledge to remain in Italy for at least two years.
If the condition of staying in Italy for 2 years is not met, the benefits already acquired are recovered together with the penalties, which range from 90% to 180% of the tax due and not paid, for each year of facilitation enjoyed.
What does the benefit entail?
The IRPEF (personal income tax) taxable income, linked to employed, self-employed or business, is reduced to 30% (or 10% if you move to a region in southern Italy).
For more details of the differences from the previous regulatory framework be sure to click below.
About The Florentine magazine
The Florentine was launched as a grassroots news magazine for the vast English-speaking community in Florence, and Tuscany, Italy. Today, The Florentine is published 11 times a year: the magazine is distributed for free from 150+ points in Florence and around.
You can read the full online article HERE.
For more information visit Vannucci & Associati's member profile page or their website or contact Pierpaolo Vannucci at vannucci@vannuccieassociati.it.
MGI Europe is part of MGI Worldwide, a top 20 ranked international accounting network with some 5,400 independent auditors, accountants and tax experts in over 260 locations around the world.