The tax advice industry in Italy is an extremely competitive one, but there is no shortage of work for advisers as the legislative environment shifts due to domestic and international implementation of the OECD's BEPS recommendations.
Given the international nature of BEPS, it had been feared that smaller domestic Italian firms would struggle as they do not have the capacity to co-ordinate across borders on day-to-day issues like larger firms.
These fears do not appear to have been realised, though. What seems to be taking place is further specialisation, with even some of the largest international law firms moving to occupy niches in the market.
"We do not do compliance, which needs a lot of people doing paperwork, we do transactions and advisory. For this high-level work what you need is recognised specialists, because at the end of the day you want to ensure the advice you are being given is of a high quality, and most companies have the facilities to do the compliance work themselves," said Francesco Bonichi, co-head of tax at Allen & Overy.
Typically, the reputation of the Italian tax authorities is as an adversary to companies. This is beginning to change as tax authorities across the world begin to see that it is often more effective from a tax collection point of view to foster cooperation between themselves and the taxpayers. "After some years when the authorities where very aggressive and there was less co-operation, now the message is they want to focus more on large taxpayers, and voluntary co-operation is the future," said Francesco Guelfi co-head of tax at Allen & Overy in Rome.
This model of cooperation can be evidenced by moves such as the introduction of voluntary co-operation regimes, which will alter the way that participating firms are audited. "Italy has introduced, for large companies, a new tax regime whereby these large companies can voluntarily enter into an agreement where they would have to demonstrate that they have put in place quality compliance regimes, not just paper compliance regimes," added Guelfi.
Italy hopes that by focusing on the quality of the compliance regime, a cultural change can be brought about and litigation, which is expensive for both sides, can be avoided where possible. It is further hoped that the incentive for taxpayers will shift, from the ability to save money through tax planning and profit shifting, to saving money that would otherwise be spent defending the tax structures that had been put in place.
This does not mean, however, that the tax authorities have become overly lenient on taxpayers. The tax authorities, tax police and Italian prosecutors are all on the lookout for taxpayers abusing the system, and often pursue criminal charges against those that are found to be in breach. Investigations into several large multinational groups are taking place at the time of writing.
With the launch of automatic exchange of information penned in for next year the authorities will have even more ammunition with which to secure convictions, and certainly do not lack the willingness to do so should they deem it necessary. As the era of transparency in tax matters dawns, an increase in the amount of litigation in the jurisdiction is likely.
Milan Via Bocchetto 6
tel. +39 02 36569657, Italy
Verona Stradone San Fermo 14
tel. +39 045 8005353, Italy
Lugano Via Pietro Peri 2 - 6900 Lugano - CH
tel. + 91 252 0780, Switzerland
London 38 Craven Street
tel. +44 (0)20 7004 2660, UK
Singapore 133, Cecil Street, #11-02, Keck Seng Tower, 069535
tel. +65 6236 0930, Singapore
Luigi Belluzzo Managing Partner, Milan
Alessandro Belluzzo Partner, London
Chiomenti Studio Legale is one of the leading law firms in Italy, with more than 300 professionals and offices in Rome, Milan, London, Brussels, New York, Beijing, Shanghai and Hong Kong. Chiomenti offers sophisticated legal services in a full range of practice areas. The Firm's tax department, comprising both lawyers and accountants, is one of the most reputed and experienced in Italy and provides high profile tax advice both to domestic and foreign clients. The tax department works on an integrated basis with teams in the M&A, finance, real estate and other practices in the firm, and also provides a growing "front end" service where the tax team takes the lead on advisory and transactional matters. The tax department also advises on transfer pricing and tax litigation matters. Chiomenti's broad client base includes public and private companies, State-owned entities and government departments, investment banks, private equity firms and family businesses.
Massimo Antonini (Milan)
Paolo Giacometti (London, Milan)
Giuseppe Andrea Giannantonio (Milan)
Marco Di Siena (Rome)
Corrado Grande (Rome)
Raul-Angelo Papotti (Milan)
Via XXIV Maggio 43
Tel: +39 06 466 221
Fax: +39 06 466 226 00
Via Verdi 2
Tel: +39 02 721 571
Fax: +39 02 721 572 24
125 Old Broad Street
EC2N 1AR London
Tel: +44 20 75 69 15 00
Fax: +44 20 75 69 15 01
Rue Montoyer 23
Tel: +32 2 7759 900
Fax: +32 2 7759 927
One Rockefeller Plaza – Suite 2404
10020 New York, NY
Tel: +1 212 660 6400
Fax: +1 212 660 6401
36/F, Yintai Office Tower
No.2 Jianguomenwai Ave
Tel: +86 10 6563 3988
Fax: +86 10 6563 3986
Suite 4806, Wheelock Square
1717 Nanjing West Road
Tel: +86 21 6171 8585
Fax: +86 21 6171 8558
Suite 3701, Edinburgh Tower
The Landmark 15, Queen's Road, Central Hong Kong S.A.R.
Tel: +852 3192 7070
Fax: + 852 2810 0833
Country Tax Leader
Tel: +39 010 5317811
Tel: +39 010 5317811
Tel: +39 011 5542918
Tel: +39 02 83324036
R&D and Government Incentives
Tel: +39 010 5317817
Tel: +39 06 48990932
Custom & Global Trade
Alessandra Di Salvo
Tel: +39 06 48990983
Global Employer Services
Tel: +39 06 48990974
Tel: +39 010 5317820
TMC (IT Tax Tools)
Tel: +39 02 83324115
Mergers & Acquisitions
Tel: +39 02 83324167
Private Client Services
Tel: +39 010 5317824
Visit our website: www.deloitte.com
Via Tortona, 25
Tel. +39 02 83324111
Via A. Testoni, 3
Tel. +39 051 65821
Corso Italia, 17
Tel. +39 055 2671011
Piazza della Vittoria, 15/34
Tel. +39 010 5317811
Via N. Tommaseo, 78/C
35131 - Padova
Tel: 049 7927977
Via XX Settembre, 1
Tel. +39 06 489901
Galleria San Federico, 54
Tel. +39 011 55421
Via Riviera di Chiaia 180
Tel: +39 081 2488200
Viale XX Settembre, 70
Tel: +39 095 6147211
Studio Legale Tributario
Via Wittgens, 14
Tel: +39 02 85141
Country Tax Leader
Tel: +39 02 85 14 35 29
Tel: + 39 02 85 14 38 02
Business Tax Services
Maria Antonietta Biscozzi
Tel: +39 02 85 14 33 12
Global Compliance and Reporting
Tel: +39 06 6753 5417
Tel: +39 06 8556 7323
International Tax Services
Tel: +39 02 851 4503
Tel: +39 02 8514 3325
Operating Model Effectiveness and Transfer Pricing Services
Tel: +39 02 8514 3409
Via Privata Maria Teresa, 11 – 20123 Milan
Tel.: +39 02 7260591
Fax: +39 02 72605950
Via Sicilia, 66 – 00187 Rome
Tel.: +39 06 4200611
Fax: +39 06 42011967
Via Farini, 2 – 40124 – Bologna
Tel.: +39 051 27771
Fax: +39 051 277733
VAT & Indirect Tax/Transaction services
Guido Arie Petraroli
Transfer Pricing & Business Restructuring
Hager & Partners was founded in 1995 and today has offices in Bolzano, Milan and Rome. The Firm is composed of approximately 100 staff members, of which 60 professionals and is member of NEXIA International network.
The Firm offers consultancy in national and international tax and company law, corporate finance, M&A, accounting and auditing, and is particularly oriented towards large multinational groups, mid-cap companies and high net worth individuals. The Firm has a remarkable international attitude: half of the clients are Italian branches of foreign-based companies (also listed in the stock-exchange), and many of them are from Germany, Austria, Switzerland and Continental Europe in general. The Firm has a five-strong team dealing with tax litigation and counts also on a fully-dedicated transfer pricing & supply chain department.
Consulenza legale e tributaria
Via Vittor Pisani, 27
20124 Milan Italy
Tel: +39 02 676441
Fax: +39 02 67644758
Via Adelaide Ristori, 38
00197 Rome Italy
Tel: +39 06 809631
Fax: +39 06 8077459
Ancona, Bologna, Florence, Genoa, Naples, Padua, Pescara, Perugia, Turin, Verona.
Tel: +39 02 67644733
(International Corporate Tax)
(M&A and Transaction Services)
Gianni De Robertis (Transfer Pricing)
(Private Client Services)
Massimo Fabio (Trade and Customs)
(VAT and Indirect Taxes)
(M&A and Transaction Services and International Corporate Tax)
(Legal Services – M&A and Restructuring)
(Global Mobility Services)
Michele Rinaldi (Banking and Finance)
(Tax Disputes & Controversies)
Maisto e Associati
Milano - Piazza F. Meda, 5
Tel: +39 02 776931
Fax: +39 02 77693300
Partners: Guglielmo Maisto, Riccardo Michelutti, Marco Cerrato, Andrea Parolini, Roberto Gianelli, Marco Valdonio, Aurelio Massimiano, Paola Marzetta, Nicola Saccardo, Mauro Messi, Alessandro Bavila
Maisto e Associati is an independent boutique founded in 1991 specialised in Italian taxation law. Its clientele is represented mainly by large corporations and high net worth families. The 40+ partners and associates comprise either lawyers or accountants with a legal background and each has substantial experience in their field. Consistently ranked as one of Italy's top tax firms by industry surveys, the firm advises large multinational corporation in industries such as banking, manufacturing, media and entertainment, pharmaceutical and real estate. The firm works closely with leading companies in the venture capital market, advises major IT and consulting companies and has a strong reputation in the fashion industry.
Roma - Piazza D'Aracoeli, 1
Tel: +39 06 45441410
Fax: +39 06 45441411
London - 2, Throgmorton Avenue
Tel: +44 020 7374 0299
Fax: +44 020 7374 0129
Pirola Pennuto Zei & Associati was established in the 1970s as a partnership by a group of specialists. The firm provides tax and legal services to medium and large-sized companies and multinational groups and has continually sought to reinforce its multidisciplinary approach by creating specialized centres of excellence. The firm has eleven offices, nine in Italy (Milan, Rome, Turin, Padua, Bologna, Brescia, Naples, Verona, Parma), one in London, one in Beijing and one in Shanghai, and is composed of 150 business lawyers and 350 tax consultants.
The firm focuses on selected areas of practice and guarantees to provide competence and top quality services, thereby increasing efficiency and combining the trust relationship between the professional and the client with organizational skills, in order to manage complex operations on the entire Italian territory and abroad.
Pirola Pennuto Zei & Associati advises many of Italy's leading corporations and several major Italian banks, both domestically and abroad. The representation of foreign clients both in Italy and internationally constitutes a significant part of the firm's practice.
The firm's services cover tax and legal matters such as domestic and international tax compliance and planning, transfer pricing, VAT, tax, legal and regulatory advisory services to companies in the banking and financial services sector, tax assistance for expatriates and individuals, IT law and copyright, labour law, business law, mergers & acquisitions, private equity, tax litigation, litigation, antitrust and European law, media entertainment and telecommunications, energy and environmental law, real estate, privacy and information protection, as well as corporate finance services.
Mergers & Acquisition:
Massimo Di Terlizzi (Milan)
Stefano Tronconi (Milan)
Luca Occhetta (Milan)
Expatriates Tax Consultant:
Luca Valdameri (Milan)
Pier Luca Mazza (Milan)
Marcello Romano (Rome)
Lorenzo Banfi (Milan)
Flaviano Ciarla (Rome)
Via Vittor Pisani, 20 20124
Tel: +(39) 02 669951
Fax: +(39) 02 6691800
Contact: Massimo Di Terlizzi
Corso Milano, 26 35139
Tel: +(39) 049 8249411
Fax: +(39) 049 8756077
Contact: Yuri Zugolaro
Riviera di Chiaia, 256 80121
Tel: +(39) 081 0150601
Fax: +(39) 081 0150150
Contact: Paolo Nagar
Viale Castro Pretorio, 122 00185
Tel: +(39) 06 570281
Fax: +(39) 06 570282600
Contact: Marcello Romano
Via delle Lame, 109 40122
Tel: +(39) 051 526711
Fax: +(39) 051 526790
Contact: Dario Santagà
Via Belgio, 12 37135
Tel: +(39) 045 8092511
Fax: +(39) 045 8015627
Contact: Federico Grigoli
Via Bertola, 34 10122
Tel: +(39) 011 5743611
Fax: +(39) 011 5627062
Contact: Ada A. Garzino Demo
Via Cefalonia, 70 25124
Tel: +(39) 030 2219611
Fax: +(39) 030 2427641
Contact: Federico Venturi
Viale Mentana, 27 43121
Tel: +(39) 0521 271254
Fax: +(39) 0521 798187
Contact: Gianfranco Buschini
Managing Partner: Piergiorgio Valente
Antonella Della Rovere
Areas of Practice
The Italian member firm of WTS (www.wts.com), specialises in cross-border taxation, with a focus on transfer pricing, M&A and corporate reorganisations.
Main contacts (International Tax):
Piazza Sant'Angelo 1
Tel: +39 02 3675 1145
Corso Francia 32
Tel: +39 011 433 83 51
Vicolo Oratorio 5/A
Tel: +39 045 8006905
|Corporate Income Tax||27.5%||A|
|Capital Gains Tax||1.375%||27.5%||B|
|Net Operating Losses (years)|
|Royalties from, for example, patents, know-how||0%||22.5%||30%||F G|
2015, the Italian Constitutional Court declared such surcharge unconstitutional and consequently repealed the surcharge without retroactive effect. A local tax on productive activities (imposta regionale sulle attività produttive, or IRAP) is imposed on the net value of production.
B Withholding tax is not imposed on dividends paid to resident companies. The 26% rate applies to dividends paid to resident individuals with non- ubstantial participations. The 26% rate applies to dividends paid to non-residents. Non-residents may be able to obtain a refund of the withholding tax equal to the amount of foreign tax paid on the dividends. However, the maximum refund is 11/26 of the withholding tax paid. Tax treaties may provide for a lower tax rate. Effective from January 1 2008, a 1.375% rate applies under certain circumstances. If either the treaty or the 1.375% rate applies, the 11/26 tax refund cannot be claimed.
C Under the European Union (EU) Parent-Subsidiary Directive, dividends distributed by an Italian subsidiary to an EU parent company are exempt from withholding tax, if among other conditions, the recipient holds 10% or more of the shares of the subsidiary for at least one year.
D The 0% rate applies under certain circumstances to interest derived by non-residents on the white list from treasury bonds, bonds issued by banks and “listed” companies, “listed” bonds issued by “non-listed” companies, nonbank current accounts and certain cash pooling arrangements and in other specific cases. The term “listed” refers to a listing on the Italian exchange or on an official exchange or a multilateral system for exchange of an EU or European Economic Area (EEA) country. Such exchanges are also included in the Italian white list. The 26% rate applies to interest derived by residents and non-residents from corporate bonds and similar instruments and from loans, in general. The 26% rate also applies as a final tax to interest paid to residents on bank accounts and deposit certificates. The rate applicable to interest paid on treasury bonds issued by the Italian government and by white-list countries is reduced to 12.5%. For resident individuals carrying on business activities in Italy and resident companies, interest withholding taxes are advance payments of tax. In all other cases, the withholding taxes are final taxes.
E No withholding tax is imposed on interest and royalties paid between associated companies of different EU member states if certain conditions are met.
F The withholding tax rate of 30% applies to royalties paid to non-residents. However, in certain circumstances, the tax applies to 75% of the gross amount, resulting in an effective tax rate of 22.5%. These rates may be reduced under tax treaties.
G Loss carryforwards are allowed for corporate income tax purposes only. Losses incurred in the first three tax years of an activity may be carried forward indefinitely. Losses incurred in the following years can also be carried forward indefinitely but can only be used against a maximum amount of 80% of taxable income. Anti-abuse rules may limit loss carryforwards.
Allen & Overy in Italy has undertaken several innovative and high value deals involving Italian and international multinationals' tax issues over the past year as well as advising several multinational clients on court proceedings on tax and transfer pricing violations that had criminal implications.
The co-heads of the firm, Francesco Bonechi and Francesco Guelfi, are extremely well spoken of by clients and peers and lead a team of three fee earners and two trainees. All of whom work with clients to advise on tax and transfer pricing issues. The firm is actively involved in the implementation of new tax regulations and has advised the Italian regulator and several Italian market actors on the implications of them, as well as representing a number of extremely prestigious clients.
The firm offers a full-service tax practice, and over the past year has been involved in complex transactions advising on the tax aspects and structures of major cross-border deals in numerous industries including banking and finance, technology, media and telecommunications (TMT) and real estate.
Baker & McKenzie offers its Italian and international clients a full range of tax services. Its clients mainly come from the finance, pharmaceutical, IT, oil and gas and FMCG.
The firm's professionals are able to advise on all areas of domestic and international tax. Through its various offices across Europe and the world, the firm offers a truly international service.
Belluzzo & Partners provides a full tax and transfer pricing service to its clients. The experienced team at the firm advises clients on a broad range of tax issues, including the tax implications of domestic and international M&A transactions and tax structuring advice, as well as assistance during dispute resolution and negotiations with the tax authorities.
It represents clients in the engineering, plant, hydro-health, agriculture and wholesale industries.
Bernoni Grant Thornton offers a full range of tax services, including audit support, transfer pricing, planning for growth and restructuring and supply chain re-engineering, litigation support, tax structuring and tax advice during transactions.
Two key contacts at the firm are Giuseppe Bernoni, the firm's managing partner and Stefano Salvadeo the firm's head of advisory. Bernoni has a wealth of expertise in tax and corporate consulting, international due diligence and tax planning as well as tax litigation. Partner Salvadeo is an expert in corporate finance and assists companies operating in Italy and abroad with particular experience with the traditional and renewable energy sector.
BonelliErede can advise clients on a broad range of tax issues. The tax department at Bonelli comprises more than 30 professionals including four partners, and in terms of revenue is one of the largest practice areas for the firm. Its clients include large corporations and multinationals as well as leading Italian and foreign retail and investment banks.
A key contact at the firm is Stefano Simontacchi who is co-managing partner and leader of the firm's transfer pricing focus team. He also sits on the board of RCS Media Group and Prada, demonstrating his reputation as one of Italy's leading legal experts, a reputation confirmed by his peers and clients. Another key professional is Andrea Manzitti, a partner in the firm who was previously the director of the tax policy department at the Italian Ministry of Finance.
Caravati Pagani brings together different tax and transfer pricing professionals including lawyers, accountants and auditing professionals.
The firm offers a range of tax advice in areas such as corporate, business and accounting services and assists business of all sizes as well as high net worth individuals. The firm is particularly strong in tax consulting and advises clients on their business ventures and objectives.
CBA Studio Legale e Tributario assists resident and non-resident clients in all aspects of Italian tax law. The tax practice offers advice and assistance during tax disputes and litigation as part of its comprehensive tax offering which includes income tax, VAT, and other direct and indirect taxes.
The firm advises on corporate reorganisations, M&A transactions, due diligence, banking law, capital markets and real estate.
Chiomenti Studio Legale's tax practice represents its clients to the courts and the Italian tax authorities, in order to help with tax disputes.
Professionals at the firm also advise clients including Italian and foreign multinationals, on the tax planning of M&A transactions, joint ventures and corporate restructuring. The team also has the ability to assist its clients with TP analysis, documentation and design.
Cleary Gottlieb Steen & Hamilton has more than 100 lawyers working in its Milan office. The firm does not split lawyers into practice areas, and instead aims to offer a service which is 'seamlessly interwoven'. The firm represents a broad range of multinational and Italian clients and offers advice during the design and implementation of tax structures, as well as assistance during tax authority audits, M&A transactions and litigation.
All of the lawyers at the firm handle a wide range of assignments, as well as having the ability to work on a cross-disciplinary and cross-jurisdictional basis.
Clifford Chance in Italy advises companies on the tax issues related to finance, insurance, private equity, health and pharmaceuticals, intellectual property and real estate, among many other industries. Covering most areas of tax, the firm has more than 100 fee earners and offers its clients an international tax service through the offices in Italy and abroad.
The practice deals with a wide range of tax matters such as M&A, structuring and advice, and financial transactions. The team is also particularly experienced dealing with disputes.
CMS Adonnino Ascoli & Cavasola Scamoni's tax department comprises lawyers and professional accountants with a wealth of experience in a range of tax matters. The team advices on transactional issues related to both direct and indirect tax, M&A, due diligence, tax compliance, strategic tax planning and litigation. The firm has a fraud and corporate criminal defence practice, which assists the Italian tax advisers' in criminal tax matters.
Di Tanno e Associati provides clients with expert legal issues, litigation support and tax and transfer pricing planning. It specialises in the tax implications of private equity and real estate funds, as well as M&A deals, banking and finance and corporate restructuring.
A key contact at DLA Piper is Antonio Tomassini, who is a partner and the head of tax at the firm, and well respected for his tax expertise by peers and clients. The firm comprises four partners, including Tomassini, and 18 other professionals.
The firm helps clients in various industries, with particular focus on the FMCG, hospitality and tourism and the energy and utilities sectors. It offers advice on tax audits and litigation, cross-border reorganisation, tax restructuring and transfer pricing.
Working with DLA Piper offices globally means the firm can offer strong international advice to its clients.
Fantozzi & Associati, Taxand Italy represents clients, including public and private companies, banks financial intermediaries and insurance companies before the courts and to the tax authorities. The team offers a service to clients to help minimise the tax costs, develop sustainable transfer pricing policies, increase efficiency and manage risk.
Fava & Partners is a boutique firm which specialises in cross-border transactions and transfer pricing putting a strong emphasis on technical skill. The team provides assistance in international tax matters and has an extensive advisory service offering including second opinions and advice on inbound and outbound investments.
The team also assists its clients during disputes with the tax authorities and any litigation that may arise from tax or transfer pricing issues, as well as offering advice on the implications of EU and international double taxation treaties.
Freshfields Bruckhaus Deringer in Italy, offers a full suite of tax services to clients with a range of business structures from a variety of industries. The services include consultancy, structuring, transfer pricing and VAT advice.
The firm works to combine economics, tax and intellectual property law to help its clients in tax and TP planning, dispute resolution, compliance, the negotiation of APAs and discussions with the revenue authorities on various tax issues.
Gianni, Origoni, Grippo, Cappelli & Partners in Italy has offices in Rome, Milan, Bologna, Padua and Turin, as well as a further three offices outside of Italy in Abu Dhabi, Brussels and Hong Kong.
The firm assists Italian and international multinationals in all manner of tax issues, offering a full tax service. It provides a range of national and international tax services and the firm's experienced tax specialists work on a wide range of matters including M&A, joint ventures, financial taxes, transfer pricing and tax litigation.
Hager & Partners has offices in Milan, Bolzona and Rome. A key contact is managing partner of the firm, Heinz Peter Hager, who leads a team of seven partners and 50 other fee earners. The firm made two new hires this year: Nicola Semararo, from the Central Revenue Agency, and Julian Faccini, from another firm.
In the last year Hager, along with partner Günther Schacher and tax manager Matteo Ragagni, gave tax and corporate law advice on a merger between two companies in the energy and infrastructure sectors. The equity value of the deal was €1.5 billion ($1.67 billion).
In another deal, partner Dietmar Huber gave excise duty compliance assistance to a client with turnover of more than €100 million regarding oil and gas trading rules.
Key industries the firm advises on include manufacturing, food, FMCG, agriculture, energy and utilities, transport, financial services, hospitality and healthcare.
With offices in Rome and Milan, the Hogan Lovells tax practice offers an array of services including business restructuring and insolvency, corporate taxation, M&A, intellectual property, litigation, arbitration, private equity and real estate.
Fulvia Astolfi, who has more than 25 years of experience, leads the team of tax professionals. She founded the Italian practice in 2000 and has lots of experience in tax law, corporate law, M&A and asset finance.
Jones Day in Italy offers a full tax and transfer pricing service, advising clients on the full range of issues related to corporate taxation. Its tax offering includes international tax, M&A, private equity, real estate, sovereign investors, structured finance and bankruptcy advice. It is also active in contentious tax and has expertise in cross-border financing structures, restructuring and other tax aspects of financial and international transactions.
It has an integrated international service, offering clients international support through the Jones Day network.
Legance – Avvocati Associati advises clients during disputes with the tax authorities and in litigation, as well as on the tax implications of cross-border M&A transactions and other areas of corporate tax.
Its key practice areas include corporate tax, transactional work, M&A and finance, project financing, tax litigation and real estate.
Since being founded in Bari in 2010 by Stefano Loconte, his eponymous firm Loconte & Partners has opened offices in Rome, Milan and Padua. The firm has grown rapidly in the past five years, particularly in the last year. The tax team at Loconte represents clients in the financial services, energy and utilities, manufacturing and transport industries.
The firm offers a full suite of tax services, including tax structuring advice, defence during litigation and assistance during dispute resolution as well as more day-to-day tax functions.
The tax practice at Macchi de Cellere Gangemi offers a wide range of tax services for corporate groups and has a wealth of expertise in renewable energy and private equity and real estate funds. It focuses its services on international tax planning and litigation as well as transfer pricing, M&A related tax issues and VAT.
The team also offers services in M&A, dispute resolution and employment.
Maisto e Associati this year represented clients operating in the financial services, manufacturing, fast moving consumer goods (FMCG), healthcare and pharmaceuticals industries as well as the transport and aerospace industries on a range of transfer pricing issues.
Managing partner Guglielmo Maisto is a key contact at the firm. He is a professor of international and comparative tax law at Università Cattolica di Piacenza as well as the president of the Italian branch of the International Fiscal Association.
The firm were extremely well spoken of by clients and peers.
McDermott Will & Emery houses a tax practice of three partners and five other professionals. The team has an international focus and has expertise in dealing with international tax issues such as BEPS, transfer pricing and withholding tax.
Carlo Paolella leads the tax practice and focuses on domestic and international tax issues relating to M&A, corporate reorganisations, cross-border transactions, transfer pricing, capital markets and collective investment vehicles and tax controversy.
Another partner is Mario Martinelli, who advises medium and large corporations on Italian corporate tax law and tax planning for Italian and international restructurings and M&A, transfer pricing, VAT and transfer taxes. Andrea Tempestini, also a partner, is a tax expert who works on domestic and international tax issues relating to M&A transactions, corporate restructurings, debt restructurings, use of financial products and syndicated corporate financing.
NCTM Studio Legale is an Italian law firm which offers services relating to domestic and cross border taxation issues.
The tax department specialises in international taxation, tax litigation and M&A and has a wealth of knowledge and expertise assisting clients in a range of tax matters. Its services include VAT, dispute resolution, due diligence, tax optimisation, transfer pricing and international tax planning.
Paul Hastings in the past year has significantly strengthened and expanded its practice. The firm offers a full tax and transfer pricing service to high-calibre multinational clients. A key contact at the firm is Bernadette Accili, a partner and the head of the tax department. She leads a team of professionals advising clients from a range of industries, particularly financial services, on the tax implication of transaction structures.
Pirola Pennuto Zei & Associates has nine offices in Italy, as well as in London, Beijing and Shanghai, from which it offers a wide range of tax services. Worldwide, it employs 150 lawyers and 350 tax consultants.
The firm works with clients in a range of industries, including TMT, real estate and IT, and is particularly proficient in banking and financial services. Key practice areas for the firm include compliance, tax planning, regulatory services, VAT and expatriate advice.
Salvini Escalar e Associati has offices in Rome and Milan, and offers expert counsel on the full range of tax issues. The firm had a good reputation among its peers and a strong history in the tax profession.
It works in corporate tax, the tax aspects of corporate restructuring, transfer pricing, and domestic and international tax planning, among other areas.
Studio Associato (KPMG)'s tax practice is led by managing partner Richard Murphy, who has been with the firm since 1992. The team consists of 253 tax professionals, 36 of whom cover indirect tax, 208 of whom cover corporate tax, 30 of whom cover tax disputes and 24 of whom cover tax compliance and accounting.
KPMG in Italy offers a full tax and transfer pricing service to a broad range of clients from multiple industries. This year saw the firm undertake a range of work for clients including government bodies and multinational groups.
Studio Legale Tributario EY's key contact is Davide Bergami, a tax partner in the firm's Milan office who has more than 25 years of experience advising clients. He leads a large tax team which advises a range of clients including multinational groups, as well as publicly and privately held Italian and international companies from a wide range of industries, on all issues relating to corporate tax, indirect tax, tax disputes and litigation.
Studio Tributario Associato Facchini Rossi & Soci offers a consultancy service in all areas of corporate tax. The firm advises clients at the pre-litigation and litigation stages of tax disputes.
Studio Tributario e Societario Deloitte's head of tax in Italy is Carlo Maria Bindella who oversees a team of 290 professionals, 64 of whom work in indirect tax, 201 of whom cover corporate tax and 15 of whom cover tax disputes.
The practice advises clients in the manufacturing, TMT, healthcare and pharmaceuticals, FMCG, and energy and utilities. The services they offer include tax structuring advice, advice on the tax implications of corporate transactions such as leveraged buyouts (LBOs) and M&A deals, as well as support during tax audits and during litigation.
Through its international presence it offers a consistency of service across jurisdictions.
Studio Uckmar is a law firm which offers advice on all aspects of tax and transfer pricing. It specialises in a wide range of industries including insurance, banking, fiduciary, companies and trusts, luxury and fashion, oil companies and energy
TLS Associazione Professionale di Avvocati e Commercialisti (PwC) in Italy offers a full tax and transfer pricing service, advising its clients on all aspects of tax. The services the firm provides include structuring advice, advice on the tax implications of certain transactions, assistance during litigation and dispute resolution, and general day-to-day corporate tax services.
Tremonti Vitali Romagnoli Piccardi e Associati offers a full range of tax and transfer pricing advice to Italian and international multinationals, it has expertise in international tax treaty interpretation.
The tax team assists with corporate M&A work including strategic tax planning, acquisitions, reorganisation and restructuring of major companies as well as international taxation, litigation and disputes.
Valente Associati GEB Partners has an extremely strong tax practice which is growing rapidly.
The practice is led by managing partner and international tax director Piergiorgio Valente. This year saw the firm advise clients in several innovative and important tax and transfer pricing deals.
The firm offers a full tax service, advising clients from a broad range of industries on the tax implications of disparate business functions, including corporate, indirect and personal taxation, as well as advising government bodies on taxation matters.
Alongside this, the firm offers a full transfer pricing service, including functional analysis, dispute resolution, litigation defence, preparation of transfer pricing documentation and APA preparation and negotiation.
WTS R&A Studio Tributario Associato offers a full suite of tax services, integrated to include VAT, excise taxes and customs. It also performs transfer pricing due diligence work on transfer pricing risks related to target companies of M&A deals. Since the end of 2015, the practice has also been providing economic analysis support for patent box regime applications.
The team of 16 professionals assists Italian based mid-sized multinationals and focuses on cross-border operations, reorganisations and tax treaty advice.
A key contact at the firm is Giovanni Rolle, who is the head of international tax and this year was engaged in a pre-acquisition reorganisation which required a combination of corporate tax law, family law and inheritance law advice.
The firm hired Dragone Paolo and Beghini Marco from Dragone & Associati in January 2016. In April, the newly-hired duo worked to secure an unprecedented interpretation of an item of legislation, securing a ruling from the tax authorities to exempt from taxation an accrual made by a client for the construction of European railway infrastructure.
|Tier 1 - Italy|
|Maisto e Associati|
|Tier 2 - Italy|
|Allen & Overy|
|Baker & McKenzie|
|Chiomenti Studio Legale|
|Freshfields Bruckhaus Deringer|
|Salvini Escalar e Associati|
|Tremonti Vitali Romagnoli Piccardi e Associati|
|Valente Associati GEB Partners|
|Tier 3 - Italy|
|Bernoni Grant Thornton|
|CMS Adonnino Ascoli & Cavasola Scamoni|
|Di Tanno e Associati|
|Fantozzi & Associati, Taxand Italy|
|Hager & Partners|
|Loconte & Partners|
|Macchi de Cellere Gangemi|
|McDermott Will & Emery|
|NCTM Studio Legale Associato|
|Pirola Pennuto Zei & Associati|
|Studio Associato (KPMG)|
|Studio Legale Tributario EY|
|Studio Tributario Associato Facchini Rossi & Soci|
|Studio Tributario e Societario Deloitte|
|TLS Associazione Professionale di Avvocati e Commercialisti (PwC)|
|WTS R&A Studio Tributario Associato|
|Tier 4 - Italy|
|Belluzzo & Partners|
|Cleary Gottlieb Steen & Hamilton|
|Gianni Origoni Grippo Cappelli & Partners|
|Legance – Avvocati Associati|
|Tier 5 - Italy|
|CBA Studio Legale e Tributario|
|Fava & Partners|