World Tax Reviews

Allen Overy Shearman Sterling

From a tax, regulatory and accounting perspective, Allen & Overy offers integrated solutions in complex corporate, financial and real estate tax transactions. It continues to broaden its coverage of assistance in fund regulation, UCITS, AIFMs, and regulatory capital, as well as in accounting and transfer pricing issues relating to financial institutions and funds on complex, market-first issuances by Italian companies and financial institutions. It is known for expertise in the banking and structured finance sectors. Francesco Guelfi, a partner, and Elia Clarizia, a counsel, serve as the team's joint leaders.

During the research phase, the firm provided tax advice to Toyota Financial Services Italia in connection with Toyota's first Italian hybrid and electric vehicle loan securitisation. The team also provided guidance to the lead managers Intesa Sanpaolo and UniCredit, who coordinated and oversaw the placement and guarantee of a syndicate of banks regarding the tax implications of the first sustainability-linked bond issued by Eni, that was marketed to Italian retail investors.

Alma LED

LED Taxand is an Italian law firm with 25 tax advisors in its Milan headquarters. It is a member of Taxand, the world's largest independent tax organizsation with more than 550 tax partners in over 50 countries. The firm offers tax assistance to domestic and international companies related to direct and indirect taxes, corporate tax, transactional tax, tax planning, tax structuring, due diligence, real estate tax, tax compliance, transfer pricing and international tax. Managing partner Alfredo Fossati is a key individual at the firm.

During the research period, the company aided Henderson Park in the acquisition of real estate assets in Milan, providing tax due diligence and tax structuring of the transactions. The team also helped Clayton Dubilier & Rice acquire PwC's worldwide mobility services division.

Alessandra Ferranti, manager at Studio Trotter & Associati, and Giuseppe Lo Presti, senior associate at Mazars, joined the firm during the research period, while associates Fabrizio Roncalli and Marco Guacci Esposito departed.

Client feedback

“The capacity of understanding innovative business and find adequate TP solution.”

“The capacity to understand deeply the business that is very important for an innovative scale-up company.”

“Competent, professional, reliable.”


With offices in Milan, Rome, Turin, Venice and Brescia, Andersen in Italy employs more than 113 professionals. They support clients in transactional tax, M&A, and international real estate. They also keep a close eye on trends and changes in the worldwide tax environment, offering clients early risk management and proactive decision-making support. The group is led by Maricla Pennesi, head of tax for Europe and Italy.

The firm assisted FCA Bank, the captive bank of the Stellantis group, in restructuring its German and Spanish subsidiaries. As a global advisor, the team advised the Consulting Automotive Aerospace Railway (CAAR) group to lease the business divisions of Turin-based CAAR and Bolzano-based STI to Star7, a provider of content and product information.

Client feedback

“Speed, proactivity, value for money.”

“Very diligent, very adequate responses to our queries and great technical preparation. Very good personal treatment.”

“They are very competent and attentive to our company.”

“Business oriented, technically competent and a strong network.”

“Huge know how in M&A financial and tax due diligence, transfer price policy, tax controversy, tax corporate policy.”

“The outcome of their diligent work and understanding of my needs resulted us being totally pleased with the whole process.”


The real estate, M&A, financial transactions, transfer pricing, litigation, and VAT practises of Ashurst are well-known in Italy. The tax team works with a variety of clients, including Italian and foreign banks, investment firms, and insurance companies. Michele Milanese, a partner, is a central member of the team.

During the research period, the team served as the tax and legal advisor for structuring the transaction carried out by EnergeaLBO, the infrastructure team of LBO France, and connected with the launch on the Italian market of the VITA Superbonus programme. As a lender in the deal, Intesa Sanpaolo was also given advice by the Ashurst team.

Client feedback

“Attention to the needs of our company. Respect of deadlines.”

“Deep analysis of the case.Effective strategy, pondering the alternatives.”

Baker McKenzie

In addition to its expertise in tax dispute resolution and transfer pricing, Baker McKenzie's tax department is highly regarded for its proficiency in M&A transactions, indirect tax, and general corporate tax, with 19 specialists within the Italian tax practice group. Counsel Pamela Floriani is in charge of the VAT and customs group.

Recently the firm assisted idealista Group, a Spanish real estate portal operator in its expansion in Italy through acquisition. The team also advised Caterpillar Hydraulics Italia, a construction equipment manufacturer, in the sale of an Italian business.

During the research period tax counsel Pamela Floriani and transfer pricing associate Stefano Romano joined the team.

Belluzzo International Partners

The worldwide advisory firm Belluzzo International Partners created Belluzzo Mercanti at the start of 2021 by combining its Italian practice with Mercanti e Associati. It is a top-tier law and accounting business that serves private wealth customers and handles cross-border corporate restructuring and transactions while supporting its clients in many jurisdictions. A group of partners, including equity partners and influential figure Luigi Belluzzo, are in leadership. The firm has 21 partners and more than 100 different professionals spread throughout six locations in Singapore, London, Milan, Verona, Rome, Singapore and Lugano, Switzerland.

Case studies show that the firm recently served as the tax advisor in the deal between Gamma Capital Markets and the Frascino Group. The team also provided financial and tax advice to Pasasport in connection with the transfer of the majority stake to Cytech, a business that is majority controlled by the private equity firm PM & Partners SGR.

Francesco Migliarese and Emanuele De Florio, senior consultants from CTES, were two of the numerous professionals hired by the company during the research period.

Client feedback

“Support and consultancy provided on fiscal matters are consistent and effective and ensure that our company is in compliant with any local obligation.”

Bird & Bird

A broad range of business tax advice services, including tax litigation, compliance, M&A, domestic and international concerns, tax credits and incentives, transfer pricing and real estate are offered by the tax department at Bird & Bird, which is a part of an international and fully integrated tax group. The company, which has nine tax experts, is led by partner Gaetano Salvioli.

The firm helped Lundbeck Italia with the submission of a tax ruling request on VAT with regard to repayment of specialised pharmaceuticals. Additionally, the team offered Energy Zukunft Schweiz guidance in order to set up the Italian holding and operational structure.

Federica Cioni, an associate from Studio Biscozzi Nobili Piazza-Legale Tributario, joined the company during the research period, while associate Michele Chiumarulo left to join the CNH Iveco Group.

Client feedback

“They propose innovative solutions, also demonstrating a good understanding of the industry we operate in. The solutions they propose show a sound knowledge of the legal framework, since they always consider the most recent interpretation as well as the upcoming legislative news (at both national and international [where relevant] levels). The team is well structured and fast in reacting, especially in case of urgent matters. We appreciated the fact that the dedicated team has been quite stable, and that partner and senior professionals have been actually involved. Moreover, they have a deal-oriented approach, which was very useful to overcome an impasse we recently had to deal with.”

Bonelli Erede Pappalardo Studio Legale

Bonelli Erede is one of the premier tax and law firms in Italy. The tax department provides clients with services in the full scope of tax matters, including corporate tax, international tax, transfer pricing, restructuring, real estate, private client, cross-border M&A transactions, litigation, personal income tax and VAT. Partners Andrea Silvestri and Stefano Simontacchi are key individuals at the firm, supported by a team of around 40 professionals across two offices in Milan and Rome.

During the research phase, the firm assisted Crédit Agricole Consumer Finance, Crédit Agricole in the implementation of an agreement with Stellantis and FCA Italy to update the parties' automobile joint venture agreements. The team also assisted Engineering Ingegneria Informatica, a company indirectly controlled by the private equity funds Bain Capital and NB Renaissance, with the tax aspects of the selling partners Tamburi Investment Partners, Stefano Achermann and Carlo Achermann, respectively CEO and Chairman of Be, in the purchase of 43.2% of Be Shaping the Future, a company listed on the Euronext Star Milan segment of the Italian Stock Exchange.

Client feedback

“Very good technical skills and accurate analysis of the topics.”

Caravati Pagani

Caravati Pagani is an independent professional firm founded in 1987 by partners Edoardo Caravati, Piero Pagani and Filippo Caravati. From offices in Northern Italy, the firm provides tax, corporate, business, and accounting guidance, providing certified professional services on tax matters not just to small/medium-sized firms, but also to large organisations and high net worth individuals.

During the research period, the firm aided Vision Group in preparing civil and tax compliance for the acquisition of 174 Essilux and GrandVision stores in Italy. The team also supported the Comifar Group with the tax aspects of the Admenta and Lloyds Farmacia acquisitions.

Simone Filiberti, a tax consultant, and Tina Bauce and Susanna Vialetto, both legal consultants, joined the firm during the research period.

Client feedback

“High technical competence; availability, precision, punctuality.”


Chiomenti is one of Italy's largest full-service legal firms, with five partners, two counsel, one managing counsel, seven senior associates, and 27 associates. Raul-Angelo Papotti, partner and head of tax, is a major figure at the firm. Corporate tax advice, cross-border M&A transactions, real estate, transfer pricing, private client, personal income tax, international tax, indirect tax and litigation are all areas of expertise for the team.

During the research period, the firm advised the Flutter Entertainment Group, a global supplier of sports betting, gaming and entertainment, on the €2 billion purchase of the Italian gambling operator Sisal from CVC. Full Fortune Wealth was also advised by the team on tax structuring in connection with the sale of footwear brand HeyDude to US conglomerate Crocs.

Raffaele Russo joined the team from the Italian Ministry of Finance during the research period.

Clifford Chance

Magic circle firm Clifford Chance has a highly regarded tax team, advising clients on domestic tax matters and assisting with international tax advice. The Italian tax team is led by partner Carlo Galli, who is supported by a team of senior associates and associates. The main capabilities of the team include transactions, M&A, tax structuring, real estate, audit and tax litigation disputes.

During the research phase, the firm advised on the tax considerations of a strategic investment from Starwood Capital Group controlled affiliates in DoveVivo, the largest European co-living platform company, consisting of the subscription of a minority ownership of 22% in DoveVivo. In addition, the team advised a consortium of joint bookrunners on tax issues related to Enel's 1.75 billion hybrid bond offering.

De Berti Jacchia Franchini Forlani

De Berti Jacchia Franchini Forlani is a full-service Italian legal practise with an in-house tax team that assists in all aspects of taxation. Angela Valente is a key member of the tax team, consisting of two partners and seven non-partners and specialises in transfer pricing, tax structuring, M&A transactions, international tax, corporate tax, VAT, litigation and high-net-worth individuals.

Case studies show that the firm recently assisted in implementing the transfer pricing policy of a major bank’s PE in Italy. It also helped a major industrial group implement a valorisation strategy of IP assets under the Patent Box regime to benefit from the grants provided by Italian legislation for high-profile Patent Box projects.

Francesco Martinelli recently joined the firm from University Federico II Naples.

Client feedback

“Great subject knowledge and provide us a big support on transfer profit documentations.”


Dentons has a significant presence in the Italian tax sector, with three partners focused on cross-border investment structures, private clients, M&A transactions, tax structuring, real estate, compliance and tax litigation. Andrea Fiorelli, who specialises in business and financial transaction tax, leads the firm's tax department. He is assisted by a staff of 13 people, including three partners, one counsel and a team of associates.

During the research phase, the business aided CaixaBank with the tax aspects of its first Italian branch set up in Milan. The team also advised Motorola Solutions on the tax implications of its acquisition of Videotec, an Italian global provider of video security solutions.

Di Tanno Associati

Di Tanno Associati, founded in 1986, provides consultancy services based on financial acumen and corporate law integration. Transactional tax, tax controversy, real estate, litigation, private clients, corporate tax, international tax, tax planning and transfer pricing are all areas of expertise for the firm. Tommaso Di Tanno, the firm's founding partner, leads a team of 11 partners.

Case studies show that the firm assisted Vodafone Italia in its Supreme Court dispute against the Italian Tax Authority. The dispute centred on the calculation of the tax owed for the release of the revaluation credit balance, which was discernible in its ‘net’ book value. The team also represented Enel in a significant dispute with the Revenue Agency (the Italian tax authority) over the correct valuation of a wind farm's cadastral income before the Supreme Court.

Partners Raffaele Villa and Luca Marraffa joined the firm from CBA Studio Legale e Tributario and EY during the research period. At the same time, partner Paolo Serva departed the firm.

Client feedback

“Entrepreneurial mindset, thinks like an investor, solution oriented.”

“Strong commercial sense (thinks like an investor), ability to work independently with counterparties, great customer standing.”

“Di Tanno e Associati has great expertise and is able to effectively represent and defend the company in the pre-litigation phases and during the tax dispute.”

DLA Piper

DLA Piper has an excellent Italian tax unit that specialises in tax and transfer pricing litigation. It also provides cross-border restructuring, audit, indirect tax, M&A, real estate and private client services to corporations and individuals. The Italian tax department is comprised of seven partners, including partner and tax department director Christian Montinari. A small team of roughly 27 specialists assists him and the other partners.

During the research phase, the business assisted Gruppo Macchia on the acquisition of the football team Potenza Calcio. The team was also instrumental in assisting Iliad with the negotiation, structuring, and implementation of a complicated JV arrangement with Wind-3.

Arianna Palmieri, tax director, joined the firm from Studio Escalar e Associati.

Eptalex Garzia Gasperi & Partners

Eptalex has become highly specialised in corporate taxation, transfer pricing, real estate, and tax issues related to wealth planning and management. Chartered accountant and corporate tax specialist Carlo Garzia is a key individual at the firm.

Over the research period, the firm advised on several complex and high-profile tax matters. All clients remain confidential.

Associates Sonia Pesamosca and Carolina Braga joined the team in 2023, following the departure of associates Alice Amoruso and Alessia Copa.

Client feedback

“Good knowledge and availability.”

“Knowledge and problem-solving attitude.”

“They are always available, nice and skilled in their job.”


The transfer pricing team of EY Italy consists of approximately 70 dedicated professionals specialising in areas such as documentation, TP policy, audit, cross-border transactions, litigation and controversy, MAPs and APAs. Senior partner and transfer pricing specialist Davide Bergami is a key individual within the practice.

Over the research period, the firm has advised on several complex and high-profile tax matters. All clients remain confidential.

Facchini Rossi Michelutti Studio Legale Tributario

Facchini Rossi Michelutti Studio Legale Tributario, which has 35 members, offers specialised tax advice services in a variety of fields, including M&A, tax litigation, international taxes, corporate tax, tax planning and tax advisory. Francesco Facchini, a partner and tax specialist, is a major figure within the firm. Luca Rossi and Riccardo Michelutti, two other founding partners, assist him.

During the study period, the firm aided Exor with the tax audit undertaken by the Italian tax authorities regarding the transfer of tax residence from Italy to the Netherlands, as well as the tax settlement procedure. The team also assisted Valaris on a tax litigation and subsequent settlement of a tax claim involving withholding tax on royalties paid to a Luxembourg business by an Italian permanent establishment of a German corporation.

Lino Ziliotti of Allen & Overy and Lorenzo Carlo Cadei of KPMG joined the firm during the research period, while Associates Marco Masi and Alessandra Pellegrini left.

Client feedback

“Strong analytically, hands on, knowledgeable.”

“Thorough and precise review of a very obscure matter.”

“Competence, professionalism, proactivity and readiness, with a 360° view capability.”

“They study a lot and analyse all the possible alternatives before giving an advice, which is always respectful of the risks a client wants to reduce.”

FIVELEX Studio Legale e Tributario

FIVELEX Studio Legale e Tributario provides professional tax advice in a variety of disciplines, including transfer pricing, private client M&A, tax litigation, international taxes, corporate tax, tax planning and tax advisory. The three equity partners of the team are Francesco Mantegazza, Fabio Oneglia and Gianluca Pozzi.

During the research phase, the firm aided JP Morgan in the acquisition of a portfolio of properties in the Piazza San Babila neighbourhood of Milan. In addition, the team assisted the NEXT ESTATE INCOME FUND III fund, managed by BNP Paribas REIM Luxembourg, in the acquisition of a historic property in the heart of Milan, in Via Melzi d'Eril, close to Foro Buonaparte, Parco Sempione, and Arco della Pace, that was recently fully redeveloped in a digital and sustainability key, according to ESG criteria.

Client feedback

“Knowledge of the topic, negotiating approach.”

“Clear understanding of the business, simpler and long-term viable solution.”

“Strong professionals with solid know-how and negotiation skills.”

“Competent, prepared, quick and concrete.”

“Proactive, reliable, effective.”

“Comprehensive know how in the field and commercial capabilities. Strong commitment to the client and transaction.”

“Precise, accurate, problem-solving approach.”

“Very strong competences and problem-solving proactive attitude.”

“Professional and very competent advice.”

“Constancy, sharp, accurate.”

“Fivelex has a very pragmatic approach and deeply know the dynamics of the real estate sector both at investor and final customer levels.”

“Long experience and competence.”

“Closed to the business and solution oriented.”

“Professional people, close to the client, flexible and always available. Capable and competent. Pragmatic.”

Gitti and Partners - Studio Legale Associato

Gitti & Partners - Studio Legale Associato provides expert tax guidance through a team of five specialists led by partners Diego De Francesco and Paolo ferrandi.

Throughout the research process, the firm advised the French private equity fund Adrian on the tax implications and structure of the biopharma group acquisition. The team also advised Jakala on the acquisition of H-Farm's consultancy business section.

Hager & Partners

Through the legal department in Bolzano, which consists of 8-10 people, Hager & Partners continues to assist its clients in many M&A deals and due diligence activities, real estate investments, evaluations for corporate/tax purposes, tax controversy, permanent establishment issues, R&D tax credits and tenders for public fundraising. TP Advisory was established in March 2017 by Hager&Partners and is specifically dedicated to transfer pricing, tax value chain projects, IP box regimes, and other incentives relating to intangible properties, global expansion services and instruments for the dimensional growth of companies.

During the study period, the firm assisted Deichmann Calzature in a tax dispute involving a transfer pricing issue. The team also advised GKN Sinter Metals with a valuation and the accompanying business transfer (hydrogen) to a newco for later share sales to another division of the group's existing holding.

KPMG and BDO TP seniors Katia Scordia and Rosanna Fusca joined the firm during the research period, while TP seniors Fiorella Franco and Gianfranco Dolci left.


The tax team at LifeCapital consists of 12 professionals, including four senior associates and eight associates. Specialist practice areas of the firm include general tax advisory, corporate accounting advisory and tax due diligence.

The team handled the merger and subsequent demerger of a corporation called Pro-Gest during the research period. The team also represented Quintano in a dispute started by the Italian tax authorities.

Nicole Albano, an associate from Andrea Briganti, joined the firm during the research period.

Client feedback

“LifeCapital is up-to-date, flexible, provides fast and detailed assistance and communication is never ambiguous.”

Macchi di Cellere Gangemi

The tax team of Macchi di Cellere Gangemi is made up of approximately six specialists who specialise in complex international tax issues (including transfer pricing), complex tax audits and litigation, energy tax and environmental taxation, VAT and excise charges and private clients. It specialises in e-commerce, automotive, energy and information technology.

During the research period, the firm advised PayPal on the process of securing a bilateral advance pricing agreement between the Italian and Luxembourg tax authorities. The team also assisted VMware Italy with a tax audit and the filing of a ruling request regarding the potential presence of a permanent establishment in Italy and related remuneration for transfer pricing purposes.

Client feedback

“High professionalism, professional correctness, integrity, independence of judgement, preparation and speed of intervention.”

“Highly professional, great knowledge of the Italian tax system. Great knowledge of client business and as a result well placed to advise on tax planning and mitigating tax risk.”

Maisto e Associati

Maisto e Associati is regarded by many as one of the leading Italian tax law firms. It has 12 partners and 60 employees spread among two offices in Italy and one in London. The team is led by founding partner Guglielmo Maisto. It focuses on all elements of tax and transfer pricing, including litigation, restructuring, M&A and private customers.

During the research period, the firm advised the Unilever Group on the sale of the Findus frozen food business to CSI (part of Nomad Foods Group). The team also aided EuroGroup Laminations with the examination of the Italian tax implications of its initial public offering on Euronext Milan, as well as the coordination of that involving the group's other jurisdictions.

Client feedback

“We personally know the professionalism of this firm, also established internationally.”

“Practical approach to issues faced by the business. Most practical and commercial tax advisors we use. Extremely helpful. Manage timelines and updates superbly well. Really engaging and helpful team.”

“Excellent experience, competence and effectiveness.”

“Our lawyers in the Maisto team were extremely quick to grasp the technical issues at the heart of our business and help us put together the facts and numbers for our case to make a simple and compelling narrative. They kept the case moving during the many months of COVID and other delays, using the same team, which saved us having to re-explain concepts or refresh analysis.”

“Insightful. Attention to the details. Commitment. Technical expertise.”

Masotti Cassella

Masotti Cassella is best known for its multidisciplinary approach, as evidenced by the presence of both lawyers and chartered accountants, who work in complete synergy to provide ongoing tax advice covering tax compliance services, corporation tax matters, VAT and indirect taxation, assisting on tax assessments, negotiations with tax authorities and tax litigation, and assisting several HWNI in their relocation to Italy under advantageous tax regimes.

During the research phase, the firm advised Pharmalex on the tax aspects and ramifications of acquiring 100% of the share capital in EBMA, a company involved in pharmaceutical consultancy, market access, pricing, and reimbursement strategies.

In February 2023, associate Marco Cervellera joined the firm.

Pavia e Ansaldo

Pavia e Ansaldo is a 60-year-old independent Italian legal practise with offices in Italy and overseas. With six offices in Milan, Rome, Turin, Moscow, Tokyo and Barcelona, as well as 23 specialised departments, seven international desks, and more than 130 lawyers and other professionals, it advises clients on all aspects of commercial law. Marco Jannon, partner, is a key member of the firm.

During the research period, the firm advised SUSI Partners on all elements of its joint venture with an Italian partner for the development of a pipeline of solar PV energy projects, including tax issues. In addition, it advised on the tax implications of ContourGlobal's first Italian Green Loan project closing.

Roberto Iaia, Of Counsel and head of tax litigation from Francesco Moschetti Law Firm, and Of Counsel Enrique Rebés Félix joined the firm during the research period.

Client feedback

“Very comprehensive due diligence in all the jurisdictions where the target company has legal entities.”

“Accuracy of the analysis and a proactive and clear approach to customer relations.”

“Full assistance, attention to details, responsibility, transparency.”

“High professional skills and knowledge on the characteristics of a private equity transaction.”

“Great professionalism and diligence.”

Pirola Pennuto Zei & Associati

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 specialised centres of excellence. The key types of work it provides include M&A, real estate transactions, due diligence, bank financing advisory and structured finance. The tax department has over 460 dedicated professionals, with equity partner Nathalie Brazzelli as the firm's leading individual.

According to case studies, the firm assisted Bain Capital in its acquisition of Fedrigoni. The team also assisted Fis - Fabbrica Italiana Sintetici with the issuing of a sustainability linked bond.

Client feedback

“Fundamental support in the preparation of the country file through careful verification of the information reported. Support in checking the alignment of the Master File with the country file.”

PwC TLS Avvocati & Commercialisti

PwC TLS Avvocati & Commercialisti is one of the largest tax firms in Italy, with more than 230 tax associates and 56 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. Managing partner Marco Meulepas is a key individual at the firm.

Case studies show that the team represented Alitalia Airlines and Alitalia Servizi in a substantial tax dispute with the Italian Revenue Agency and the Italian Revenue-Collection Agency that spanned eight taxation years and contained claims totalling more than a billion euros. Furthermore, the team worked with Enel and Assicurazioni Generali to prepare the group tax transparency report.

Studio Associato – Consulenza legale & tributaria (KPMG)

KPMG's Tax and Legal practice is one of Italy's most significant professional organisations, with 500 professionals operating in 12 offices in key Italian cities. It is a member of the network of tax and legal practises connected with KPMG International, and this affiliation allows its tax consultants and lawyers to use KPMG's global talents, methods, and best practises. KPMG's transfer pricing practice in Italy is a diverse team of professionals comprised of economists, tax experts and attorneys, with approximately 70 individuals fully committed to transfer pricing. Gianni De Robertis is an important member of the firm.

Throughout the research period, the firm advised a multinational industrial group on functional interviews and value chain analysis to assist in identifying all of the advantages and cons of the choices, from both an Italian and international perspective. Furthermore, the team actively assisted an automotive supplier in examining its internal export control and sanctions compliance procedures.

Studio Legale e Tributario Biscozzi Nobili Piazza

In 1998, Studio Biscozzi combined with Studio Nobili to establish Studio Biscozzi Nobili. By absorbing Studio Piazza in September 2019, the firm significantly enhanced its position in the financial and international taxes fields. The firm specialises in tax advisory, litigation, corporate tax, M&A, banking, and finance. The organisation assists both domestic and foreign corporate clients, as well as individuals. Marco Piazza leads the entire team.

During the research period, the firm aided Diego Della Valle & C in the development of a preventive agreement for Schiaparelli in accordance with their financial management. The team also aided Eataly, represented by CFO Alberto Risso and Sarah Prandi, in engaging with the Revenue Agency to extend the preventive agreement defining intra-group royalties for brand licensing in US outlets.

In 2023, Giancarlo Alberto and Carini Francesca joined the firm. Chisari Sergio, an associate, departed.

Client feedback

“They are very responsible, they have a deep knowledge of the matters under discussion and we share with them the same cautious approach when considering various options.”

“I am very satisfied with the way they operate; I appreciate their expertise and the fact that they are very involved in matters relating to the company.”

“Professional and competent.”

Studio Tributario e Societario Deloitte | STS Deloitte

The international, multidisciplinary Deloitte network supports the firm, with about 700 Tax professionals in 13 Italian cities (Bologna, Genova, Padova, Catania, Milano, Roma, Firenze, Napoli, Torino, Parma, Treviso, Varese, Bari) and desks in New York and Hong Kong, combining a broad range of professional experience with industry-specialist knowledge. As a result, STS Deloitte can provide its clients with advice and assistance on Italian matters and cross-border matters with a complete range of services, paying attention to the technical aspects. Stefano Mazzotti is a key individual at the company.

During the research period, the firm supported an Italian software firm in quantifying the advantage of the Patent Box. In addition, the team helped the Italian private equity group WISE on the sale of 100% of Tap to the international private equity firm Stirling Square Capital Partners.

Giovanni Battista Beccari, a manager from Studio Palazzo, and Luca Gasparrini, a director, joined the firm during the research period.

Studio Tributario Tognolo

Studio Tributario Tognolo (STT) is led by partner Paolo Tognolo and the tax partner Francesco Spurio and counts on eight senior professionals with specialised skills in international taxation and transfer pricing. In addition, STT has technical expertise in DAC6 filing requirements, tax control framework, and cooperative compliance programs. It is also known for unilateral and bilateral procedures with the tax authorities, including advance pricing agreements, bilateral advance pricing agreements and mutual agreement procedures.

The firm assisted the Pirelli Group throughout the entire International Compliance Assurance Programme with the relevant authorities (Italy, Argentina, Austria, Belgium, France, Germany, Poland and Singapore), from the preparation of the main documentation package to be made available to the tax authorities, to the definition of the strategy and subsequent drafting of answers to the tax authorities' questionnaires on the group transfer prices. Furthermore, the team suggested and implemented the profit split formula to TAL Group, as well as represented the firm in the unilateral APA with the Italian competent tax authority.

Client feedback

“Expertise and collaboration.”

“Great Knowledge of the tax matter. Also, in the first call they understand the topic very well and can give you a good advice. Very formal and respecting the tax rule. Each document issue is filled very well in terms of comprehensiveness and relevance to the topic. Always available, in case the topic needs more study, there are different associates with different skills that can solve the topic in a team call. Very transparent with the customer.”

TPGS Transfer Pricing Global Solutions

TPGS Group is a forward-thinking transfer pricing consultant with offices in Italy (Genova) and Luxembourg. TPGS is an independent company that assists international groups and professional service providers such as law firms, trust companies, and auditors in resolving their clients' transfer pricing challenges. Cristiano Bortolotti is the leader of the team.

During the research period, the firm aided a notable client in shipping services to the oil and gas commodities trade as it transitioned a portion of its operations from off-shore to on-shore.

Tremonti Romagnoli Piccardi & Associati

Tremonti Romagnoli Piccardi e Associati is a leading Italian tax law firm providing a wide range of consultancy and tax advisory services to domestic and international clients. Areas of specialisation include corporate tax, M&A, group reorganisations and restructuring, real estate, litigation, direct and indirect taxation, transfer pricing, patent box, private client and wealth management. Managing partner Lorenzo Piccardi is a key individual at the firm, supported by a team of approximately 45 lawyers and legal professionals.

During the research period, the firm provided tax advice in connection with TPG, a significant worldwide alternative asset management firm, acquiring a majority share in Musixmatch. In addition, the firm advised Evergreen, which is 97% owned by Qatar Holding, on the tax implications of the public purchase and exchange offer on Coima Res Siiq's ordinary shares.

Valente Associati GEB Partners / Crowe Valente

Valente Associati GEB Partners Crowe Valente is a premier Italian firm providing legal, tax, transfer pricing, and strategic management consulting services. The team specialises in tax planning, restructuring, corporate governance, criminal tax, transfer pricing, litigation, dispute resolution and international taxation. Managing partner Piergiorgio Valente is a key individual at the firm.

Throughout the research period, the firm was involved in the reorganisation resulting from the sale of a prominent group's principal brands to a new holding company, from design to implementation. Furthermore, the team guided a significant energy drink firm on tax advisory from MAP application through negotiation.

Greta Brivio, senior tax manager from Grant Thornton Italy, and Cristiana Colleoni, tax director from Ceppellini Lugano & Associati, joined the firm during the research period.

Client feedback

“Competence, value for money.”

WTS R&A Studio Tributario

WTS R&A Studio Tributario is a specialist in tax consulting for Italian and foreign midsized multinationals. Its practice is focused on cross-border operations, transfer pricing, supply chain advisory, corporate reorganisations and tax treaties. Partner Giovanni Rolle is a key individual at the firm, which operates out of three offices in Milan, Torino, and Verona.

The team recently provided a prominent Italian manufacturer of high-tech sustainable and participated in the analysis of international tax returns and financial reports, rewriting to Italian standards, and computation of current and deferred taxes as well as effective tax rates for an Italian cement manufacturing group.

Marco Martina, Consultant, joined the firm during the research period, while Annachiara Tosadori, manager, left.