World Tax Reviews

Allen & Overy

Allen & Overy Italy is a small tax team that provides international and domestic tax advice to many of its large financial sector clients. The tax department is headed by Francesco Guelfi, who is supported by counsel Michele Milanese. 

The firm recently completed assisting ING Bank with the multi-jurisdictional refinancing structure of the logistics platform Logistis. It also assisted Morgan Stanley and UBI Banca in their roles as lead and co-lead managers in the issue of a €175 million bond by Juventus football club.

Baker McKenzie

Baker McKenzie Italy contains a large tax team, with 38 practitioners, including five partners, across two offices, in Rome and Milan. The team includes partner Francesco Pisciotta, who is part of the firm's Europe and global tax practice group. The team provides day-to-day tax advice for major Italian and foreign multinational clients in Italy. It also provides advice on restructurings and transactions, as well as operating a strong litigation practice.

The firm has acted for some of the largest multinational digital and software companies on issues of permanent establishment, as well as transfer pricing disputes. The firm also advised Facebook in the well-publicised tax audit and criminal investigation relating to its tax and transfer pricing business model. The firm also advised Leonardo on the VAT implications of its recent €2.3 billion sale of military helicopters to the Qatar Ministry of Defence.

Client feedback

“The work was performed with highest level of knowledge and strong commitment in a long and difficult negotiation.”

"More involved on operating issues or document preparation [than the Big Four]. [The Big Four] are less expensive but not at the same level of performance in true negotiations."

Belluzzo International Partners

Belluzzo International Partners is one of the leading legal and accountancy firms for private wealth clients. It is also active with cross-border corporate restructuring and transactions, leveraging its offices in Europe and Singapore to provide multijurisdictional support. It is led by a team of partners including founding partner Umberto Belluzzo.

In September 2018, the firm hired tax lawyer and former managing director of Société Générale, Ezio La Rosa. La Rosa has also worked at a British private equity firm and began his career as a tax lawyer at KPMG in Italy. 

Bonelli Erede Pappalardo Studio Legale

Bonelli Erede Pappalardo Studio Legale - trading as BonelliErede - is one of the premier law firms in Italy and also contains one of the top tax teams in the country. The tax department is able to service the clients of the other departments of the firm, as well as having a very strong catalogue of tax-specific clients. It has almost forty practitioners including Andrea Silvestri, who is the coordinator of the tax practice and leader of the tax litigation team, and Stefano Simontacchi who is president of the firm. 

The team has worked for some of the largest multinationals present in Italy, such as the Luxottica Group, the owner of Ray-Ban, Oakley and Sunglasses Hut, in its €50 billion all share merger with the Essilor Group. It advised Compagnie Financière Richemont on their initial €2.64 billion offer for YOOX-Net-a-Porter.

Caravati Pagani

Caravati Pagani is a firm of chartered accountants specialised in tax consulting, as well as corporate and business consulting. It is led by founding partners Edoardo Caravati, Piero Pagani and Filippo Caravati. A large team of accountants and chartered accountants supports the three partners. It acts for a number of small Italian companies, including tech start-ups and SMEs, as well as working for private individuals and some international businesses. 

Caravati Pagani has also worked on numerous real estate transactions, including the sale of Villa Ostini to a group of private investors and the acquisition of HL Hotel in Baranzate.

Client feedback

“Very exact, great professionals, always updated, very reliable on every aspect; technical and operational.”


Chiomenti is one of the largest Italian full service law firms, which boasts a tax team of five partners, one of counsel, three counsel, eight senior associates and 13 associates. Raul-Angelo Papotti, following Massimo Antonini stepping down from the role in mid-2018, leads the team. Antonini remains as a partner.

The firm advises a variety of clients, with a particular focus on advising clients within the financial sector, on all aspects of international and domestic law, including indirect and direct taxes as well as assistance in tax matters for private individuals. It recently advised Merill Lynch on the restructuring of its Italian braches, as well as advising the GIVI family office in the sale of Versace to Michael Kors.

Clifford Chance

Magic Circle firm Clifford Chance has a highly regarded tax team, which advises clients on various domestic tax matters, as well as assisting the firm's network with international tax advice. The Italian tax team is led by partner Carlo Galli, who has been partner and head of the tax team since its inception in 2009. He has significant experience regarding corporate transactions, as well as experience structuring inbound and outbound investments. He is supported by a team of senior associates and associates. 

The tax department has advised a variety of clients, including acting as the Italian tax advisers to JP Morgan as counterparts to Intesa Sanpaolo on its €1 billion long-term employee incentive plan. It also assisted a De Agostini Group subsidiary, the Italian alternative investment company DeA Capital, in the creation of its first pan-European real estate investment platform.

De Berti Jacchia Franchini Forlani

De Berti Jacchia Franchini Forlani is an Italian full service law firm, with an in-house tax team that assists the wider firm in all areas of tax, as well advising its own clients. It is led by partner Massimiliano Gazzo, who has led the team since 2005. He advises clients from a variety of sectors on transactional tax structing, as well as reorganisations and tax litigation. He is supported by M&A and corporate taxation specialist partner Tiziana Zona, as well as several associates. 

The firm has assisted a number of clients, including the Agrolimen Group, on the implementation of R&D projects so as to receive the benefits from the Italian Industry 4.0 measures. They have also assisted companies such as Kalorgas on the implementation and use of the Italian Patent Box Regime. 

Client feedback

“They were very competent in covering and highlighting legal, tax and business areas in the due diligence process, as well as following contracts. They have several persons with a high knowledge in different areas. They could further highlight areas where there is a legal/tax deviation but where the risk, most likely, is very low."

"Competent and professional advice, swift response, good communication."


International law firm Dentons has a substantial presence the Italian tax market, with a team of four partners focusing on cross-border investment structures, private clients, M&A transactions and tax litigation. The firm’s tax department is led by Andrea Fiorelli, who specialises on the taxation of corporate and financial transactions. He is supported by three partners, three counsel and a team of associates. 

The firm has recently assisted several companies in discussions with the tax authorities, including assisting Engineering Ingegneria Informatica with a ruling from the tax authorities relating to the Italian anti-abuse rules and the allowance for corporate equity related to its acquisition by two international funds. 

Client feedback

“The team has been present throughout the process and fulfilled its duties extensively and in a timely fashion”

DLA Piper

DLA Piper has a strong Italian tax team, with special expertise in the area of tax and transfer pricing litigation. It also operates as an adviser to corporates and individuals in structuring, M&A and private client work. The Italian tax department contains five partners, including Antonio Tomassini, who is a notable litigator, permitted to appear before the Supreme Court. He and the other partners are supported by a small team of professionals.

The firm is currently assisting footballer Diego Milito in the well-publicised case of alleged tax fraud, which has been levied against several players and clubs, relating to the payment of agents' commission by football clubs. It is also representing Econocom International Italia in litigation aiming to obtain a refund for VAT credit. 

Client feedback

“Strong legal knowledge and good experience, which is always interesting and useful when trying to find compliant solutions.”

“High level of tax professionals. Full availability to assist the client in any situations, in particular more critical ones.”

“The work is very accurate and of excellent quality.”

“High professional and technical skill allows them to provide valuable assistance during the tax litigation process.”

Facchini Rossi Michelutti Studio Legale Tributario

Studio Tributario Associato Facchini Rossi & Soci is a well-known Italian tax boutique with a strong M&A practice in transactions, especially with financial institutions. It is led by founding partners Luca Rossi and Francesco Facchini. These key partners are supported by a wider team of practitioners. 

Client feedback

“The team are professional, clear and accurate.”

LED Taxand

LED Taxand, the sole Italian member of the global Taxand network, has only been active in the Italian market for a few years but it has established itself as a key player in real estate transactions. It is also involved in a number of significant tax litigation proceedings. It is led by managing partners Guido Arie Petraroli and Alfredo Fossati. They are supported by a further 10 partners, as well as a team of associates and managers.

LED Taxand has also advised on non-real estate transactions, including advising software and service provider BluJay Solutions in all aspects of their business acquisition of ERA Software Systems.

Loconte & Partners

Loconte & Partners is a law firm with a specific focus on tax law. The firm is led by founding partner Stefano Loconte, with Giancarlo Marzo leading the tax department. The two partners are assisted by team of associates. The firm is well known for their work for private individuals on domestic private wealth taxation. 

The team has assisted numerous private individuals in wealth and family office structuring, as well as recently assisting an individual selling a valuable item through Christie's New York.

Ludovici Piccone & Partners

Ludovici Piccone & Partners is a tax boutique, founded in 2014 by Paolo Ludovici. Since 2014, the firm has grown to a total of nine partners, 19 associates and one counsel and has offices in Milan and Rome. The comprehensive tax practice, which acts in all area of tax law, is headed by founder Paolo Ludovici, who advises on all areas of corporate tax as well as private client taxation.

Ludovici Piccone & Partners recently finished advising Open Fibre on its €3.5 billion cross-border financing, advising on the structure of the investment as well as on tax matters related to the transaction itself. The firm has also advised Lendlease on its €150 million project development agreement for the Milano Santa Giulia, as well as advising a number of HNW individual families on the transfer of their residency to Italy and the Italian Flat Tax Regime.

Former counsel Gianluigi Bizioli left the firm in late 2018 to become counsel at PwC.

Client feedback

“We benefited from L&P's outstanding analysis and problem-solving capacities, coupled with a deep understanding of our business background.”

"We enjoy the strict relationship with L&P and leverage their knowledge of our complex tax structure."

Maisto e Associati

Maisto e Associati is widely regarded as one of the leading Italian law firms specialised in tax. It is composed of 12 partners and 44 professionals based in two offices in Italy, as well as one office in London. Founding partner Guglielmo Maisto leads the team. It works on all aspects of tax and transfer pricing, including litigation, restricting, M&A and private clients. It also currently runs a post-degree course focused on educating young professionals on matters of domestic and international taxation.

The firm has acted in some of the largest deals in Italy, including advising both FCA and the Magneti Marelli Group in the €6.2 billion restructuring and sale of the Magneti Marelli Group to Ck Holdings,and assisting ArcelorMittal on its acquisition of ILVA. The firm has also been representing the Mediolanum group in numerous litigation proceedings with the Italian authorities in relation to disputed taxes in fiscal years 2010 to 2016.

In early 2019 the firm promoted Cesare Silvani to partner. Silvani has been with the firm for five years and specialises in M&A transactions, as well as real estate, financial and international taxation.

Client feedback

“The firms' main strength is the proposal of the solutions to controversies we face and the good relation with the Italian Authorities that make the resolution of the audits much easier: they transmit good faith and good reputation.”

PwC TLS Avvocati & Commercialisti

PwC TLS Avvocati & Commercialisti is one of the largest tax firms in Italy, with more than 220 senior tax professionals in Italy including 52 partners. The firm benefits from the global PwC network and deals with mainly international clients and international tax assistance as well as advising multinationals on Italian tax law. Fabrizio Acerbis is the managing director.

The firm has been assisting Michael Kors Holding in its well-publicised acquisition of 100% of the shares of GIVI, the family owned holding company of the Versace brand, along with the 20% of the Versace brand owned by Blackstone group. This deal has been valued at just over $2 billion. PwC TLS assisted Michael Kors with the tax due diligence and structuring, as well as the negotiations and contracts.

The firm continues to grow, with the addition of partner Ugo Molteni, Samuel Marinelli and Enrico Macario in 2018, as well as one director and one counsel.

Studio Associato – Consulenza legale & tributaria (KPMG)

Studio Associato – Consulenza legale & tributaria (KPMG) practices in all areas of indirect and direct taxation, with specialists in all areas. The tax and legal operation is led by Richard Murphy, who has worked for KPMG since 1992 and has led the team since 2012. 

In addition to advisory tax and legal work, the firm is currently involved in a number of tax disputes, including indirect tax disputes for clients within the pharmaceutical, apparel and energy sectors. It is also assisting with a number of advanced rulings before the relevant Italian authorities.

Studio Legale e Tributario Biscozzi Nobili Piazza

Studio Biscozzi Nobili is an Italian tax law firm, with a specialisation in tax litigation, corporate tax and transactional tax within the financial and banking sectors. It is part of the WTS Global network and is led by a team of partners, including senior partner Carlo Garavaglia. 

The firm has advised Dolce & Gabbana on its recent tax controversy work, with the tax authorities alleging tax avoidance through the sale of a trademark through the company’s Luxembourg subsidiary. It also advised Fondo Strategico italiano on a €70 million capital investment in Missono, in exchange for a 41.2% equity share.

In 2018, partners Luigi Biscozzi and Giorgio Silva retired from practice. 

Client feedback

“Very good and deep analysis with broad context comprehension and fitted advice.”

Studio Tributario e Societario - Deloitte STP Srl

Studio Tributario & Societario – Deloitte has around 700 professionals positioned across nine Italian cities, as well as remote desks in America and Hong Kong. It provides advice to multinational businesses on all aspects of direct and indirect taxation. This includes restructuring, transactions and controversy. It also has a strong transfer pricing department.

The firm has assisted numerous multinational corporations before the Italian courts, as well as with general corporate taxation. This includes Valsoia and Laboratorio Elettrofisico, both of whom have taken advantage of the Italian patent box scheme.

The firm continues to hire, including recent new additions from Fieldfischer, EY and Deutsche Bank.

Tremonti Romagnoli Piccardi & Associati

Tremonti Romagnoli Piccardi & Associati is a tax and legal boutique, with expertise in all areas of corporate taxation, both direct and indirect, and a specific focus on the financial sector. It is led by a team of partners including Giulio Tremonti, Dario Romagnoli and Lorenzo Piccardi. 

The firm has acted on a number of controversy cases, including acting for General Electric in a tax litigation case regarding the re-characterisation of a contribution of the current business into a new company and the transfer of that contribution. The firm also advised Brioschi Sviluppo Immobiliare on its recent multimillion euro sale of the Darwin real estate complex in Milan.

Client feedback

“Very professional and quick. Good for high-end topics, less for operational ones.”

“Professional excellence with a global vision.”

Valente Associati GEB Partners / Crowe Valente

Valente Associati GEB Partners / Crowe Valente offers advice and services covering all areas of tax, including corporate taxation, restructuring, transactional tax and transfer pricing. It is led by founding partner Piergiorgio Valente, as well as CEO Marco Bolzoni and the tax and legal unit leader Salvatore Mattia. 

Client feedback

“Processional excellence with a global vision.”

“I appreciate a lot working with Valente Associati GEB Partners / Crowe Valente. They are reliable, provide high-level advices, are quick in responding and are always customer centric. They have very good relationships with different tax authorities, which makes the processing of any tax requests or audits really effective.”

“In our opinion Valente Associati GEB Partners / Crowe Valente provides quicker and more reliable answers [than other Italian firms] as well as focusing much more on making sure that that the tax effect is the best for us.”