Practice area

World Tax Reviews

Allen & Overy

The Allen & Overy tax team advises on the tax aspects and structures of major cross-border deals across numerous practice areas, including M&A, debt capital markets, securitisation, non-performing loans, investment funds and financial services regulation. Francesco Guelfi is a tax partner at the firm and deals with M&A, banking and finance transactions.

During the last 12 months the firm advised funds managed by PIMCO on Italian tax aspects connected to the investments in Project Fino. The team has also acted as the adviser to a defendant in a criminal tax proceeding connected to hidden permanent establishment.

Co-managing partner Francesco Bonichi left the firm earlier this year and has joined EY.

Client feedback

“Strong commercial depth of understanding for capital markets transactions, with relevant experience both technically and practically as to how the tax law applies to such trades. Opinion was well constructed, articulate and detailed.”

“Their tax opinion has been supported by a strong analysis of the facts, of the relevant law and guidelines both from a local and international perspective.”

“Very efficient lawyers with good client relationship management skills.”

“Prompt responses, proactively provides tax market updates, and good technical and market knowledge.”

“High knowledge of tax matters, deep analysis of the transaction and evaluation of all the possible tax impacts. Good capacity in understanding the client's needs.”

Baker McKenzie

The tax group at Baker McKenzie in Italy is one of the strengths of the office, with 38 professionals working at the firm, including six partners. The team offers a full range of services in tax matters and provides assistance on a regular basis to major foreign and Italian multinationals. Partner Massimo Gianconia is a key contact at the firm and has 30 years of experience in tax law. 

Last year the firm was involved in a high-value post-acquisition restructuring. Ity is also currently assisting a criminal tax investigation. 

In the last 12 months partner Maricla Pennesi and senior associate Giovanni Gallucci left the firm and joined EY.

Belluzzo & Partners

Belluzzo & Partners is an international firm with offices in Milan, London, Verona, Singapore and Lugano. It concentrates its activities on tax and legal, wealth planning, and M&A group re-organisation and transaction services. Partner Luigi Belluzzo leads the tax department at the firm. 

Over the last 12 months the firm provided advice to domestic and multi-jurisdictional companies. The department has also dealt with restructuring deals and real estate transactions. 

In May 2017 partner and head of tax litigation Francesco Pedrotti joined the firm. In the same year senior adviser Domenico Sannicandro also joined the team.

Bonelli Erede Pappalardo Studio Legale

Andrea Silvestri heads Bonelli Erede Pappalardo Studio Legale's tax practice in Italy. He leads a team of 37 other professionals. The firm advises clients on group taxation, tax planning, restructuring, cross-border reorganisation, litigation representation, M&A, VAT and transfer pricing. 

In the last 12 months partner Stefano Brunello provided assistance to Sound Point Capital in relation to the acquisition and funding structure in respect of the purchase of various assets from a pre-bankruptcy procedure of Waste Italia Group.

Caravati Pagani

Caravati Pagani is an independent firm of chartered accountants specialised in tax, corporate, business and accounting consulting. The team is led by partners Edoardo Caravati, Piero Pagani and Filippo Caravati who work with 50 professionals to provide an interdisciplinary service.

In the last 12 months the firm provided assistance to an industrial investor who entered the capital with the founders of a company. 

Senior tax consultant Milena Daverio joined the firm in 2017.

Client feedback

“Clear, precise and reliable.”


The team at Chiomenti Studio Legale is comprised of five partners, one counsel and 27 other professionals including tax department head Massimo Antonini.

Over the last year Raul-Angelo Papotti has been lead partner advising JPMorgan Securities in relation to the Italian tax and administrative aspects related to an offer by Superstrada Pedemontana Veneta.

Client feedback

“High-quality work showing outstanding expertise and valuable input in proposing solutions.”

“Dedicated, committed, with a good knowledge of financial business and related technical topics.”

“Excellent work. Accuracy and precision.”

Clifford Chance

Clifford Chance’s Italian tax department has two partners and four associates led by managing partner Carlo Galli.

Galli and senior associate Sara Mancinelli advised Goldman Sachs International in all their dealings with the Italian Tax Authorities connected to the acquisition of a portfolio of leasing performing loans from Hypo Alpe Adria Bank within the last 12 months.

De Berti Jacchia Franchini Forlani

The tax department at De Berti Jacchia Franchini Forlani works in the luxury, automotive, food, banking and gambling sectors. The team is led by Massimiliano Gazzo.

The firm has been acting as principal tax adviser to the Volvo Truck Corporation over the last year. The team is also currently acting as principal tax adviser assisting a client in the implementation of an innovation project potentially eligible for Industry 4.0 measures.


Dentons is an international full-service law firm. The tax department in Italy is led by managing partner Federico Sutti. He has a wealth of experience in M&A transactions, particularly in real estate.

Partner Giulio Andreani has led the team in assisting a client in relation to tax litigations regarding corporate tax against the tax authority. In particular the team provided fiscal advice to defend the company in relation to a €1.2 billion tax assessment issued by the tax authority.

Fabrizio Capponi joined the firm as partner in 2017. Before joining the firm Capponi worked on the tax team at DLA Piper. Partner Giulio Andreani also joined the firm from DLA Piper in 2017.

Client feedback

“Excellent practical advice with availability for additional questions. Good response time and very much to the point.”

DLA Piper

DLA Piper’s Italian branch is comprised of three partners and 21 fee earners. Partner Antonio Tomassini leads the team.

Tomassini and partner Christian Montinari assisted the Marmon Energy Services Company in the structuring of the acquisition of the company Zephir over the last 12 months.

The firm recntly hired two new partners: Federico Pacelli and Andrea Di Dio. Pacelli was formerly with Bonelli Erede and Dio was formerly with Chiomenti. The firm also hired Marica De Rosa as a tax director.


The EMEIA Tax Center at EY is organised as a supranational entity covering the entire Europe, Middle East, India and Africa (EMEIA) region, with its Intercompany Effectiveness and operational transfer pricing practice serving clients’ needs across all jurisdictions.

Led by Oslo-based partner Sveinung Baumann-Larsen, it brings together multi-disciplinary experience and resources focused on IT, accounting, and tax from the entire region in its work. This work covers some of the leading global companies in their respective fields and includes those involved in retail and consumer products, energy and pharmaceuticals, to name but a few.

Giovannelli & Associati

Giovannelli & Associati is an independent law firm based in Milan, specialising in corporate law, M&A, private equity, finance, capital markets and tax. The tax department is recognised for its expertise in investment funds, M&A, private clients and corporate reorganisations.

Earlier in 2018 counsel Antonello Lops advised Genextra, a biotech group holding company, on the Italian tax aspects of a mid-term loan of $80 million granted by Credit Suisse International.

Hager & Partners

Heinz Peter Hager heads the tax department at Hager & Partners. It is seven partners strong and has 60 other professionals, working in the areas of indirect tax, corporate, disputes, compliance and accounting.

In the last 12 months Peter Malsiner and Dietmar Huber acted as legal, tax and financial due diligence advisers on a complex real estate deal.

Client feedback

“Very professional team with international experience.”

LED Taxand

The Italian LED Taxand office launched in 2017 and is already being recognised by competitors for its work in tax. The firm has been investing in the tax department since the launch. The team offers consultancy relating to direct and indirect taxes, fiscal and corporate aspects and opinions.

Paolo Ruggiero is a partner at the firm and works on many cases. He has more than 15 years of experience in tax law and focuses on international taxation.

Loconte & Partners

Loconte & Partners divides its departments into auditing and accounting, tax, advisory and corporate finance. The team is led by managing partner Stefano Loconte. It has approximately 40 attorneys and tax advisors, three of them being partners.

In the last 12 months the firm supported SCM Sim in conjunction with its listing on the AIM exchange and in the stock-option plan. The team also advised clients a tax controversy involving an accusation of tax evasion by the Italian fiscal authorities. 

In 2017 partner Luca Giancola left the firm.

Client feedback

“Deep knowledge of the regulations, technical ability and innovation.”

Maisto & Associati

Maisto & Associati is an Italian tax firm composed of 11 partners and 44 professionals. The firm provides services in M&A and corporate restructurings, taxation of financial instruments, tax litigation and transfer pricing.

Over the last year senior partner Guglielmo Maisto and partner Marco Cerrato assisted Telco in the context of a litigation proceeding relating to a tax notice issued. The firm also advised on the best alternatives to implement a transaction from an Italian tax point of view.

Studio Associato – Consulenza legale & tributaria (KPMG)

Richard Murphy is head of tax and legal at Studio Associato Consulenza, the Italian branch of KPMG. The practice specialises in corporate tax, with consultants in indirect tax, tax disputes, compliance and accounting.

Tax manager Giorgio Dal Corso and partner Davide Morabito have acted as attorney in a high-value tax controversy over the last year. They have also been supporting a client in litigation regarding unpaid VAT interest.

Studio Biscozzi Nobili (WTS)

The tax firm Studio Biscozzi merged in 1998 with law firm Studio Nobili to create Studio Biscozzi Nobili. The firm specialises in tax litigation, corporate and M&A, and banking and finance. A key contact at the firm is senior partner Raffaele Nobili. He is an expert in corporate law and international disputes. 

The firm acted as tax adviser to Azimut Holding on the tax profiles of a €350 million bond issuance over the last year. Partner Massimo Foschi also acted as tax advisor to Davide Campari over the last 12 months.

Studio Tributario & Societario - Deloitte

Studio Tributario & Societario has about 600 tax professionals working across Italy and provides personal, corporate tax and related services to a wide range of both national and international clients. It is a part of the Deloitte international network. The firm has offices in Bologna, Catania, Florence, Genoa, Milan, Naples, Padua, Rome and Turin.

Partner Michele Crisci recently led the team in advising a Japanese group with significant EMEA operation on tax matters and project management. Partner Stefano Mazzotti has led the team in assisting on a tax controversy about zero withholding taxes on dividends distributed to an EU sub-holding company of an American group.

Studio Tributario Associato Facchini Rossi & Soci

Partner Francesco Facchini is a key partner at Studio Tributario Associato Facchini Rossi & Soci. The firm acts in tax litigation and M&A, mainly in the UK and Italy.

Partners Luca Rossi, Marina Ampolilla and Giancarlo Lapecorella provided tax assistance on the acquisition of DentalPro by BC partners.

Partner Giovanni Battista Barbagelata left the firm in 2017.

Client feedback

“Fully satisfied with the firm’s analytics. The team were punctual, effective and successful.”

Tremonti Romagnoli Piccardi & Associati

Tremonti Romagnoli Piccardi & Associati has an office in Milan and Rome. The firm provides a range of consultancy and tax advisory services to both domestic and international clients. Lorenzo Piccardi is managing partner at the firm and has been recognised by tax publications.

Last year the firm was involved many transactional tax matters. This included partners Dario Romagnoli, Lorenzo Piccardi and Antonio Vitali leading the team in advising Intesa Sanpaolo in the rescue of Veneto Banks.

Valente Associati GEB Partners / Crowe Valente

In the last 12 months Valente Associati GEB Partners opened three new offices and now has six offices in Lombardy, Italy. Piergiorgio Valente is founder and managing partner at the firm. He is a specialist in community taxation, tax planning and transfer pricing. 

Last year the team advised and represented a large car manufacturer in a MAP procedure. It also overturned an Italian tax authority tax claim in a controversy against its client.

The firm has made many hires over the last 12 months. Three associate partners Ugo Police, Franco Carella and Rossana Arioli joined the firm in December 2017. Giovanni Berio joined as a tax partner and Federica Poggio joined as tax and global wealth unit partner in the same year.