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Relevant tax rate

The tax rate of the corporate income tax (Ires) is 24 per cent.

Who is liable to Ires:

• joint-stock companies and partnerships limited by shares, limited liability companies, cooperative companies and mutual insurance companies, European companies (EC regulation No. 2157/2001 ) and European cooperatives (EC regulation No. 1435/2003 ) which qualify as tax residents in Italy
• public and private entities resident in Italy, included consortia, trusts, undertakings for collective investment and non-profit organisations (NPOs )
• all sort of companies and other legal entities, including  trusts, which are not tax resident in Italy, only with respect to the Italian sourced items income.

Entities that are considered tax resident in Italy:

• the companies or entities that for the majority of a relevant tax period have (i) their legal seat registered in Italy (ii) their place of effective management located in Italy or (iii) the main object of their business located in Italy
• undertakings for collective investment set-up in Italy
• trusts (and similar institutions ) established or organised in a country with which Italy does not exchange information on tax matters, if at least one of the settlors and one of the beneficiaries are tax resident in Italy
• trusts established or organised in a country with which Italy does not exchange information on tax matters, if subsequent to their establishment, a resident taxpayer of Italy transfers to the trust (part of) real estate properties located in Italy or (part of) real estate property rights with respect to real estate properties located in Italy.