Don't miss the date. File your taxes on time!
Fiscal Year 2017 has been very turbulent as far as tax deadlines, more than once the government allowed extra time to file tax returns.
The 2018 Budget law approved right before Christmas seems to have settled the new deadlines for Fiscal Year 2018 in order to prevent any delay to the various deadlines.
The purpose of this article is to clarify the various deadlines and to help the taxpayers to plan on time avoiding penalties and fines.
How long is the financial year?
The Italian Financial Year is the same as the calendar year; in fact it starts on January 1st and ends on December 31st.
Are you currently employed in Italy?
If you are employed when you file your taxes, you can opt for Mod. 730.
This return allows the taxpayer to assess his/her tax liability for Fiscal Year 2017 and to settle any tax liability/tax refund directly in the monthly pay-check. This means that if the tax return ends with a tax refund of € 500, the August pay-check will contain extra € 500.
The deadline is 23rd July 2018 and no late filing is allowed.
In case you are not employed
If you are not employed in Italy and you receive any type of income, you need to file your taxes using Mod. Redditi.
In this case the deadline is 31st October 2018, a further 90 days extension is granted paying a minimum € 25.00 late fee.
Once the 90 days are past there is no way to submit a late return!
The Mod. Redditi works differently than the Mod. 730; any tax liability arising from the tax return must be settled on/before 16th June 2018.
In case you have a tax credit, this can be refunded or claimed against any other tax.
Property tax key dates
If you just own property you don't need to file taxes (unless you receive rental income), anyway you are liable to pay the property tax called IMU whose payments are scheduled on/before 16th June 2018 and 16th December 2018.
Foreign tax paid
In case you already paid tax on foreign income, remember to claim it against any tax due in Italy.
Foreign held assets
If you are resident in Italy, owning assets abroad such as houses, bank accounts, investment portfolios, pension funds, shares, stock options, life insurance etc. you need to disclose them in your tax return.
Failing to disclose such items is very costly as fines ranges between 3%-6% of the items' consistency; an undisclosed £ 300,000 UK private pension fund will cost you from £ 9,000 to £ 18,000 every fiscal year.
How can we help you?
Accounting Bolla is fully licensed to file tax returns on behalf of individuals and companies of any type. We have a proven expertise in dealing with international taxation issues and we are able to assist you in 4 languages.
Plan your taxes with us, you won't regret it!
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After moving back to Italy from the United States in 2013, I realized how much an accounting and tax firm was needed to help expats living in Italy to comply with the local tax regulations.