Italy – 20% Withholding on Transfers from Foreign Banks Suspended

Italy – 20% Withholding on Transfers from Foreign...

A February 19, 2014 communication from the Italian Finance Ministry publicly announced an immediate suspension of the 20-percent withholding tax to be applied by Italian Intermediaries on funds received in Italy by tax resident individuals from foreign bank accounts. While the withholding tax rules are still statutorily in force, for now, the application of the rules on the 20-percent withholding – which had caused a great deal of confusion for individuals transferring money from abroad and to Italian banks (who were obliged to operate the withholding) – is suspended.

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