04 January 2016 Italian Parliament issues budget law for 2016 including Country by Country Reporting and other important tax measures The Italian budget law for 2016, Law n. 208 of December 28, 2015 (the Law), was published in the Official Gazette n. 302 of December 30, 2015. The most relevant tax measures contained in the Law relate to: (i) introduction of Country by Country Reporting for multinational entities; (ii) repeal of the limitations on the deductibility of costs incurred for the purchase of goods and services from black list entities; (iii) repeal of the existing black list relevant for the application of the Controlled Foreign Companies (CFC) regime; (iv) change of statute of limitations rules. A Tax Alert prepared by Ernst & Young's Italian Tax Desk in New York, and attached below, provides additional details. Document ID: 2016-0002 |
