Investment in Italy

Investment in Italyimports for customs purposes, but are liable to VAT in Italy if the goods are introducedinto Italy for sale or for home use• temporary admission of goods for re-export without processing; these goods do notbenefit from total exemption from import duties in accordance with Community law• clearance for home use of goods originating from Mount Athos, the Canary Islands, orFrench Overseas Departments• re-importation for temporary export (outward processing)• re-introduction of goods which were previously exported.The taxable base for VAT purposes and the release of goodsThe taxable base for VAT on imports is calculated in accordance with Italian VAT law andcustoms law.9.5Relations with the Italian customs authoritiesIn the past, the Italian customs authorities were known to be very conservative. Since theintroduction of the AES framework in 2007 their approach has changed significantly. Theauthorities have modernised their procedures also thanks to the new Community legislation,which is binding on all Member States.Due to this new approach, it is now possible to adopt very interesting customs planningsolutions, with the support of the authorities and with a significant simplification of theglobal customs burden (formalities and duties).For more information, please contact:Massimo FabioPartneremail: mfabio@kpmg.it© 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.87