Italy-based member firm Studio Pragma publishes paper detailing government moves to allow taxpayers to settle outstanding debts

A new paper, produced by MGI Worldwide accountancy network member firm Studio Pragma, outlines the new opportunities granted by the Italian government for taxpayers to regularize old tax debt - rules which also apply to foreign clients with investments in Italy.

As Francesco Bartolucci of Studio Pragma, MGI Europe, explains, “If you have clients who have investments in Italy, the Italian government has granted a new possibility for taxpayers to regularize old tax debts.

“In recent years, the Italian government introduced a number of tax collection bills allowing taxpayers with old tax debt assigned to the Tax Collection Agent (Agenzia delle Entrate-Riscossione) in FYs from 2000 onward to settle their tax position.

“Under such procedures, taxpayers can settle their position with the Tax Collection Agent by paying the higher taxes due and the related interest accrued up to the date in which the Tax Collection Agent has been put in charge of the recovery (together with minor collection expenses), while penalties and further interest afterward accrued are no longer due. The payment of the residual debts is often due in several instalments in order to allow the taxpayer to face the related obligation.”

For further details, please DOWNLOAD THIS PAPER HERE

For more information contact Francesco Barloucci at [email protected] or visit Studio Pragma’s online profile HERE or their website www.studiopragma.it

MGI Europe is part of MGI Worldwide, a top 20 ranked global accounting network with some 5,200 independent auditors, accountants and tax experts in over 260 locations around the world.