November 8, 2022
Italy publishes guidance regarding taxation of trusts in Italy
On October 20, Italian Tax Authority published long-awaited Circular Letter n. 34/E (the ‘Guidance’) on Trust tax treatment in Italy. The Guidance sets out the direct and indirect taxation rules for resident and non-resident trusts and tax monitoring obligations. The Guidance has significant consequences for the use of trusts in Italy and for beneficiaries.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
Full text of Tax Alert