Last week, the European Commission introduced a package of measures aimed at initiating a review and simplification of regulations to reduce administrative burdens while ensuring the implementation of the Green Deal does not hinder economic growth. With a focus on reducing reporting requirements, the so-called Omnibus package is assessing the following measures: Simplification of Reporting […]
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The foreign tax credit cannot exceed the amount of Italian tax theoretically due on the same income. In other words, the maximum recognized amount is equal to the portion of Italian tax corresponding to the foreign income. If the tax paid abroad exceeds this limit, the excess cannot be recovered, unless specific provisions allow for […]
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The foreign tax credit is granted only under specific conditions. According to the Court of Cassation, the benefit is allowed only if the tax has actually been paid abroad and if the income on which it was applied is taxable in Italy. Another limitation comes from double taxation treaties. If these agreements provide for the […]
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Dividends received by an individual may be subject to double taxation: The Court of Cassation has clarified that the foreign tax credit is granted only if the foreign tax is levied as an income tax and not as a different type of levy.
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