In defence of the Italian tax system........

Now, this might sound like an odd posting based on the multiple changes in Italian tax law over the past few years and the introduction of various new taxes on assets abroad.   However, I feel it is time for a soap box moment. 

I have spoken to many people in the last few years who have had enough of the Italian tax system and given up on the country in one form or another. However,  I think I can confidently say that it was not, in most cases, because of the new taxes that were imposed.  Most people I know can afford them, even if they would prefer not to pay them. (myself included)

The problem almost always seems to arise from the commercialista. Each time a problem arises it seems to be due to a hired commercialista who has messed up in some way.  Either they have not declared assets properly in past years which now need correcting, or in one case I remember they had not registered a business owner for social security contributions.  In other cases they clearly do not have a good grasp on the needs of accounting needs for the average foreigner living in Italy and don't understand the legislation themselves.  I could write a book on the stories I have heard. 

But. the foreigners I know and have met in Italy rarely seem to be bothered by the tax authorities directly unless a commercialista has been in the loop some where. 

So, the crux of the matter would be to get a good commercialista. How do you find one?  That's more difficult but there are options out there. 

Never get downhearted.....

And lastly, never accept what they are telling you as the end of the line.  In most cases some financial planning can help to reduce some of the tax bills.  Don't take their final word for it!  Even a good commercialista will only take the information you give them and report it for you.  They will not help you plan and look for ways to manage your finances in better ways and try and keep the tax bills down. 

That is where I and we at The Spectrum IFA group come in. 

If you want to know more and would like to have a free financial consultation to discuss your options then please feel free to contact me, without obligation, on gareth.horsfall@spectrum-ifa.com or call me on 0039 3336492356