The 2019 Italian Budget Law introduced a new special tax regime, aimed at attracting individuals who hold foreign pensions to transfer their tax residence to one of Southern Italy’s municipalities. The resources coming from the extra-revenues deriving from the implementation of the regime are addressed to the financing of the universities that have their headquarters in Sicily, Calabria, Sardinia, Campania, Basilicata, Abruzzo, Molise and Puglia.
This special regime, which took effect from 1 January 2019, allows taxpayers holding foreign pensions, who have not qualified as Italian tax residents for at least the previous five tax periods, to opt for the application of a flat tax of 7% to all foreign source income (rather than to apply the progressive tax rates, which in Italy may range from 23% to 43% plus 3% as local taxes)
The flat tax can be exercised through the first Italian tax return and it is valid for that tax period and the following five tax periods. Moreover, they can benefit from the exemption from the declarative obligations regarding fiscal monitoring and from the payment of Ivie and Ivafe (valued added taxes on foreign real estate or financial activities).
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