Italy: New tax calendar, implications for transfer pricing documentation
Taxpayers must file income tax returns within nine months (rather than the current 11 months) of the financial year end
Taxpayers must file income tax returns within nine months of the financial year end
Legislative Decree no. 1/2024 (published in the official gazette on 12 January 2024) establishes a new tax calendar pursuant to which as of 2 May 2024 taxpayers must file their income tax returns within nine months (rather than the current 11 months) of the financial year end. Calendar-year taxpayers will thus have to file their 2023 tax returns by 30 September 2024.
Under the transfer pricing documentation rules, taxpayers must prepare their transfer pricing documentation for penalty protection purposes before their tax returns are filed. Thus, taxpayers will now have two fewer months to prepare such documentation.
Read a January 2024 report [PDF 295 KB] prepared by the KPMG member firm in Italy
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.