Newsletter - Italian tax authority’s clarifications on tax monitoring obligations

Newsletter - Italian tax authority’s clarifications on tax monitoring obligations

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On 29 May 2019, the Italian tax authority issued Ruling No. 53/E (hereinafter, the “Ruling”) providing for certain clarifications on the fulfillment of tax monitoring obligations by the CEO and the general manager of an Italian foundation holding assets outside of Italy.

The Ruling request was aimed at asking confirmation that the CEO and the general manager are not required to file the Italian FBAR forms (i.e., Section RW of their own tax returns) with respect to the foreign assets owned by the Italian foundation.

 

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