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Italy tax police search five banks in diamond sales probe


MILAN: Italian tax police seized documents from the offices of five Italian lenders on Wednesday in an investigation over alleged fraud in relation to the distribution of diamonds to bank clients, sources said. The police took documents and computer files from Intesa Sanpaolo, UniCredit, Monte dei Paschi di Siena, Banco BPM and Popolare di Bari, the sources said. All five ... Read More »

Italy’s ports returning to growth, new Silk Road presents good prospects

growth in exports

MILAN: Traffic of goods through Italian ports totaled 484 million tonnes in 2016, the highest level since 2009 (to go even higher you have to look back to 2008: 509 million tonnes). At the global level, maritime transport has gone beyond the 10 billion tonne threshold for the first time, of which the Mediterranean area represents 20%. These figures are ... Read More »

Money laundering dispute: Bank of China paid €20m to Italy


MILAN: The Bank of China has paid Italy’s tax authorities 20 million Euros ($22.3 million) to settle a tax dispute connected to a money laundering case involving its Milan branch, a source familiar with the matter said on Friday. The payment by Bank of China was made on January 31, before the lender made a separate deal to settle a ... Read More »

Italy’s industrial production falls unexpectedly in April


ROME: Italy’s industrial production dropped unexpectedly in April, figures from the statistical office Istat showed. Industrial output declined 0.4 percent month-on-month in April, offsetting the 0.4 percent rise in March. This was the first fall in three months and came in contrast to the 0.2 percent rise economists had forecast. On a yearly basis, industrial production climbed by calendar adjusted ... Read More »

Italy Q1 unemployment 11.6%, down from the previous quarter


MILAN: Italy’s unemployment rate in the first quarter of 2017 stood at 11.6%, down 0.2 percentage point from the previous quarter, data from statistics bureau ISTAT showed. The employment rate in the quarter stood at 57.6%, up 0.2 percentage point from the fourth quarter and 0.9 percentage point above the year earlier. The number of the inactive aged 15-64 (-473 ... Read More »

Italian police bust migrant trafficking ring in Sicily


ROME: Italian police said Tuesday that they had broken a smuggling ring between Tunisia and Sicily which was preparing to bring migrants with suspected jihadist links to Europe. The “Scorpionfish” operation had been shadowing the group since January, targeting 15 Italian or Tunisian citizens sought by arrest warrants. No details were released on those taken into custody, but police said ... Read More »

Italy has world’s most complex tax system, new study says


ROME: Italy has the world’s most complex tax system, according to the first annual Financial Complexity Index compiled by TMF in a ranking of 94 jurisdictions worldwide. “Despite measures to reduce taxation and align Italian accounting measures with international rules, the country still has some very specific requirements that contribute to its tax ranking,” said TMF Group’s EMA head Juraj ... Read More »

The Italian economy rebounds


ROME: Italy’s national statistical service announced on Thursday that the economy surged at double the projected rate in the first quarter of 2017 by 0,4%. Growth figures verify a series of positive signs for the Italian economy, including an inflation rate at 1,9%, suggesting a rebound on demand in an economy that has been trapped in long-sustained deflationary pressure. Italy’s ... Read More »

Italy outperforms European shares after GDP surprise


MILAN/LONDON: European shares inched up on Thursday, with blue chips in Milan taking the lead after better than expected Italian economic growth helped markets shrug off political worries. Italy’s economy grew 0.4 percent in the first quarter thanks to firm domestic demand, the statistics bureau said, sharply raising a preliminary estimate and improving prospects for the year. The pan-European STOXX ... Read More »

Italy posts second-highest FDI growth in Europe, EY says

growth in exports

ROME: The number of foreign direct investment (FDI) projects in Italy rose 62% in 2016, the second-biggest gainer after Sweden, according to the annual EY European Attractiveness Survey. The improvement comes amid efforts by the Italian government and tax authorities to tackle Italy’s chronic red tape, byzantine tax system and prohibitive labor laws. The results echo a study by AT Kearney ... Read More »

Italian exports up 1.4% (less than imports) in Q1 2017, OECD says

Italy introduces non-dom tax to attract wealthy individuals

ROME: All G20 economies, with the exception of France (where exports contracted by 2.4%), saw export growth in the first quarter of 2017, the OECD says in its last report. Italy’s growth was by 1.4%. Australia recorded the highest growth (7.2%) among the OECD G20 economies. Growth was also robust in Korea (5.7%), the United Kingdom (3.3%), Canada (2.9%), the ... Read More »

Italy to stop producing 1&2 cent coins

Italy cents coinscentimos--575x323

MILAN: Italy will no longer mint 1- and 2-cent euro coins from 2018, a parliamentary committee decided at the weekend. The move means all prices in Italy will be rounded to the nearest 5 cents. Italians were receiving the small copper coins as change but were not spending them, claimed Sergio Boccadutri, the member of the ruling center-left Democratic Party ... Read More »

Italy ready to impose its own ‘webtax’ to increase revenue


ROME: To increase revenue from multinational internet companies, Italy has announced plans to give them a say in their future tax bills rather than risk further disputes. Rome has spent years arguing that companies such as Amazon, Apple and Google avoid taxes by maintaining they do not have a “stable presence” in Italy, even though they generate huge revenues there. ... Read More »

Italy tax police seize documents from IBM in BT Italy probe


MILAN: Italian investigators have seized documents from the Milan offices of International Business Machines Corp as part of an investigation into allegations of fraud at one of its customers, BT Italy, a unit of Britain’sBT Group, sources said. Dozens of tax police visited the Italian offices of nine suppliers to BT Italy, including the U.S. tech group, on Thursday, as ... Read More »

Italy first EU trade partner of Iran

Italy Iran

TEHRAN: Eurostat announced that, in the first quarter of 2017, Italy was the first trade partner of Iran among members of the European Union (EU). Eurostat, the statistical office of the European Union, announced that Iran and Italy exchanged products worth 1.2 billion Euros in the first season of 2017 with 800 million Euros pertaining to Iran’s exports to Italy ... Read More »

Italy tax police seize documents from IBM in BT Italy probe


MILAN: Italian investigators have seized documents from the Milan offices of International Business Machines Corp as part of an investigation into allegations of fraud at one of its customers, BT Italy, a unit of Britain’s BT Group, sources said. Dozens of tax police visited the Italian offices of nine suppliers to BT Italy, including the U.S. tech group, on Thursday, ... Read More »

Enel reports net profit increase in 1st quarter


ROME: Italian global electricity and gas manufacturer and distributor Enel S.p.A. (MIL:ENEL) closed the first quarter reporting a net profit of 983 million euros ($1.068 billion), a 4.7% increase from 939 million euros in first-quarter 2016, “due to a decline in net financial expenses and a reduction in minority interests, which more than offset the contraction in EBIT,” the company ... Read More »

Italy: Plum exports recover in 2016


ROME: The 2017 plum campaign is about to start, so we can make an assessment of the past campaign. 2016 started off well: the red varieties went back to normal volumes after the lower quantities of 2015 and the sale of black varieties was smoother, just like that of Stanley. In Emilia Romagna, volumes of the leading variety, Angeleno, were ... Read More »

Italy squeezes €306 million in additional corporate tax out of Google


ROME: Google agreed to pay €306 million in additional corporate tax, the Italian Revenue Agency announced. The settlement will end an ongoing criminal investigation. According to the Financial Times, the sum compensates Italy for Google’s “underpayment” from 2002 to 2006 and 2009 to 2015. That is significantly more than the €150 million Google paid the U.K in 2016. France is ... Read More »

Italy expects to settle Google tax dispute this week


ROME: Italy expects to settle a tax dispute with Google’s parent company, Alphabet, this week. Alphabet is accused of avoiding taxes by booking income earned in high-tax European markets through a unit based in Ireland, which charges a lower rate of tax. According to two sources close to the matter, the company seeks to end hostilities with tax authorities across ... Read More »