21 countries that are now considered to have an adequate level of tax information exchange with Italy have been removed from the Italian tax blacklist. The jurisdictions in which Appleby operates that have been positively impacted by this change include Bermuda, British Virgin Islands, Cayman, Guernsey, Isle of Man, Jersey and Mauritius.
Under the Italian tax code, Italian individuals and entities are required to provide additional details in order to deduct costs incurred in transactions with companies located in blacklisted countries. The removal of the offshore jurisdictions from this list will benefit trade and help to simplify the jurisdictions’ tax relationships with Italy.
If this positively impacts you and you would like additional information please do not hesitate to reach out to your usual Appleby contact.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.