The Italian Parliament has passed a new tax regulation as part of the 2014 Budget Bill (Legge di Stabilità 2014).
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April 14, 2014 - PRLog -- (Bristol, UK) - The Italian Parliament has passed a new tax regulation as part of the 2014 Budget Bill (Legge di Stabilità 2014).Under the new regulation foreign companies must obtain a VAT number in Italy if they engage in the sale of online advertising to Italian clients. This provision will be effective from 1 July 2014 (earlier it was planned to be effective from 1 January 2014). The implementation delay will give Italy sufficient time to discuss the legality with the European Union and work out a blueprint to stop internet companies from shifting taxable profits into tax havens, says Nair & Co., which provides international expansion services for companies operating overseas.
Under the new legislation, all internet advertising services and online sponsorships including such as search advertising services must be purchased only through local media, third-party operations or entities having an Italian VAT code such as publishers, advertising agencies, search engines or other advertisers.
Nair & Co. advises that companies operating in Italy should familiarize themselves with the new tax law in order to avoid non-compliance and possible violation.
Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).
About Nair & Co.
Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com (http://www.nair-co.com/)
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