Tax Treaties: United States And Italy

Quick Summary.  Located on Southern Europe and bordering the Mediterranean Sea, Italy is a parliamentary republic with 20 administrative regions and a capital at Rome.

In 2020, Italy introduced a new digital service tax.  In addition, other recent measures include replacement of its hyper and super tax depreciation regimes with a tax credit regime, a corporate equity deduction, and certain step-up provisions for business assets.

Italian corporations are subject to a corporate income tax (imposta sul reddito sulle società) and a regional production tax (mposta regionale sulle attività produttive).  Individuals are subject to income tax (mposta sui redditi delle personne fisiche).

Italy is a member of the European Economic Community (EEC) and North Atlantic Treaty Organization (NATO), the United Nations (UN), World Trade Organization (WTO), and Organisation for Economic Co-operation and Development (OECD).

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