Read this post and figure out how to deal with your taxes in Italy.
Who is required to file taxes?
- Exempt income
- Individual receiving employment income from a single employer
- Individual receiving income(s) already taxed at source (i.e. dividends)
- Individual receiving employment income below € 8,000
- Individual receiving retirement income below € 7,500
Of course, if an individual has deductible items to claim he/she has no obligation to file taxes, however he/she cannot receive any tax refund.
Italian residents are taxed on their WORLDWIDE INCOME, while non residents are taxed only the INCOME PRODUCED IN ITALY.
Italy has no tax citizenship rule. Residents have to file taxes regardless of their citizenships.
When is the deadline?
However, the tax payment for FY 2018 and the required payments on account is due on 30 June 2019.
Employee can file the form 730 falling due on 23 July 2019 granting an express refund in their payslip through the PAYE system.
Is there any tax deductions I can claim?
- Family members deduction
- Health expenses
- Loan interest paid on main residency
- Kindergarten fees
- College tuition and fees
- Rent paid
- Family member sport expenses
- National Insurance Contribution paid
- Expenses for building renovation & recovery
- Forniture renovation expenses
- Expenses for building energy efficiency improvements
If you moved to Italy after 2015 you might also benefit of this 50% tax break for new residents.
I already paid tax abroad, am I taxed twice?
What about foreign assets?
- Residential and commercial properties
- Foreign bank accounts
- Shares owned in private or public companies
- Financial investments
- Boats, yachts, and airplanes
- Precious metals
- Life insurance and stock options
Any foreign tax paid can be claimed against
It is extremely important to report your foreign holdings as large fines apply, check this older post.
How can we help you?
Our services include:
- Tax preparation
- Tax assessment
- Tax filing
- Tax minimization strategies
Don’t miss the deadline and file your taxes now.