Italy: IFTT : Black-listed entities that have opted to be treated as white-listed
Reference
The Italian Inland Revenue has published a first list of those institutions based in a “black-list” country1 that have opted to be treated as a “white-listed” entity for the purpose of the IFTT payment, record-keeping and declaration requirements.
According to the guidelines, liable parties based in a “black-list” country are not considered as final investor and, if they do one of the following, will be treated as “white-listed” entities:
- Appoint a tax representative in Italy;
- Register with the Italian Inland Revenue one of their permanent establishments based in a “white-list” country.
In the above cases, a “black-listed” institution is considered as “white-listed” starting from the date on which the Inland Revenue publishes that institution's name, along with other relevant information, in a dedicated section of its website.
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1. A “black-list” country is a country with which there is no formal agreement to exchange tax information with Italy.
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