Investment in Italy

Investment in Italy2. Filing of the year-endaccounts3. Updating of theinventory ledgerThe annual financial statements (includingthe notes) and the minutes of theshareholders’ meeting must be filedin electronic format at the local TradeRegister.The inventory ledger must be updated byadding details of the assets and liabilitiesshown in the annual financial statements.Within 30 days ofthe shareholders’approval.Within three monthsof the annual incometax return filing date.4.8.2 Tax returns and tax paymentsTask Description Deadline1. Filing of the preliminaryVAT return for theprevious calendar year.2. Issuing of certificatesfor taxes withheld atsource.3. Payment of the annualduty on accountingrecords.4. Payment of anyremaining VAT unpaidduring the previouscalendar year at themonthly due dates.5. Payment of the balancefor income taxes(IRES+IRAP) for thefiscal year ending 31December.6. Payment of the annualduty for registration atthe Trade Register.7. Filing of the annualwithholding tax return(mod.770).8. Filing of the annual VATreturn and income taxreturn for the fiscal yearending 31 December(mod.UNICO).9. Payment of the advanceVAT due for December.The preliminary VAT return for the previouscalendar year must be filed. No delays areallowed.A certificate showing the amount subject to taxat source and the related tax withheld, must besent by recorded delivery letter to each localpayee (e.g. agents, professionals, employees) andto each non-resident entity which has receivedpayments of royalties, interest or dividends.A duty of EUR 309.87 has to be paid.The difference between output and input VAT ispayable on the 16th of each subsequent month.Delayed payments are subject to fines.The income taxes payable are net of the advancesdue by the 20th of the sixth month and by the endof the 11th month of the previous fiscal year.The payment is due on the same date as thepayment of the balance of income taxes; theamount is decided by the Chamber of Commerceand published in advance.The 770 return must be filed electronically.The Unico return must be filed electronically.The advance due is 8 percent of the VAT payablein December.28 February28 February16 March16 March16 June16 June31 July30 September27 December38© 2012 KPMG S.p.A., KPMG Advisory S.p.A., KPMG Fides Servizi di Amministrazione S.p.A., KPMG Audit S.p.A., Italian limited liability share capital companies, and Studio Associato Consulenza legale e tributaria, anItalian professional partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.