Italy is located in Central Europe and has a territory of 301,238 square kilometers. Italy borders France, Switzerland, Austria and Slovenia and has access to the Mediterranean Sea and to the Atlantic Ocean, which allows it to establish maritime trade with Europe, Turkey, North and South American and African states.The capital city of Italy is Rome, the largest city and the location of key government institutions. Italy has a population of 60 Million people.
Corporate taxation, VAT taxation, Personal taxation
- Corporate income tax - 24%. Tax returns are filed on an annual basis. Advance income tax payments are made in 3 installments
- Dividend withholding tax - Standard tax rate 26%
- Interest withholding tax - Standard tax rate 26%
- Royalties withholding tax - Standard tax rate 30%
- Capital gains tax - Standard tax rate 24%
- VAT - Standard tax rate 22% or reduced rates from 0% up to 10% or tax exempt. Tax returns are filed on an annual basis
- Personal income tax - from 23% up to 43%.
The following are the most common types of companies to incorporate a company in Italy as:
- Limited liability company (Società a responsabilità limitata - S.r.l.)
- Simplified limited liability company (Società a responsabilità limitata semplificata - S.r.l.s)
- Public limited company (Società per azioni - S.p.A.)
- General partnership (Società in nome collettivo - S.n.c.)
- Limited partnership (Società in accomandita semplice - S.a.s.)
- Partnership limited by shares (Società in accomandita per azioni - S.a.p.a.)
- European company (Societas Europaea)
- Branch office (Filiale).
Official currency of Italy is euro (EUR).
Italy's GDP in 2018 amounted to USD 2073.9 billion.
Italy has a diversified economy whose part are a very developed industrial sector in Northern part of Italy with a large number of private enterprises and service sector in Southern part of the state. Main contributors to the Italian economy are the production of high-quality consumer products from small and medium enterprises, the majority of which are family businesses. Travel industry is also a significant part of Italy's GDP. The smallest part of Italian economy is agriculture.