All posts tagged italy

Annino Law Firm: Italy, Europe and Iran

Annino Law Firm: Italy, Europe and Iran

Annino Law Firm aims to provide a time-efficient, high quality consulting service to assist clients in resolving problems and controversies that may occur in their personal and commercial relationships. The Studio operates throughout Italy with particular reference to the Courts of Rome, Cagliari and Milan. It offers an English/Italian service for english speaking expats working and/or living in Italy, in all fields of law. We also have the flexibility to operate in Europe and offer assistance to companies in Iran. In the nautical field, we assists potential buyers in Italy and abroad in all fases and aspects of purchasing a yacht: from the precontractual negotiations, on site visits and the drafting and signing of contracts. During the contruction of the selected yacht we keep clients updated on the progress and conclude the process with the actual delivery of the yacht to any destination in the world. An important event taking place in Doha – Qatar from the 10 – 14 November 2015 – Qatar International Boat Show. We are available for any queries or assistance.  For detailed information contact : avv.annino@libero.it


Operating in Italy

Operating in Italy

Doing business and navigating the Italian business jungle Italian is objectively difficult. It is difficult for Italian operators, let alone a foreign operator. Let us have a look at some of the critical points of the Italian system. Whatever the nature of the business you are wanting to develop, in Italy it is essential to be assisted by a team of Italian professionals, first and foremost a qualified law firm. The first criticism of the Italian system is the excessive number of laws, which at times are also partly in opposition to one another, like a tangled skein. We need therefore, above all to understand , what laws apply to our needs; not to mention the European legislation that is little known by many professionals and Italian Judges.
The second issue is Italian bureaucracy, which is slow and has the ability to complicate even simple things. The third criticism is the Italian justice system with its serious inefficiencies and which is time-consuming, with its inability to give short term rulings; imagine the difficulties companies have in recovering debts when those that owe them money are playing this system. The criticism brought about by having to tread carefully when entering into a dispute and avoiding controversy when requiring the assistance of a courts (a current example, the attempt by Etihad to establish a partnership with Alitalia). Fourth criticism is the criminality that could possibly harm your company’s assets, including common crime, organized crime, especially in some regions of Italy, and corrupt public administration that make illegal demands for money or other benefits.
Of course, Italy is unique and extraordinary in many aspects, however, it is to be “tasted” with due caution.
An Italian Law Firm – with experience and knowledge of the Italian system – is the right tool to have To “accompany” your company by means of qualified support to the economic success you envisage for your project and to avoid pitfalls with considerable loss of money.


CASH&CARRY – “Pay and receive your goods”. The difficulty of recovering  debt in Italy and the consequences.

CASH&CARRY – “Pay and receive your goods”. The difficulty of recovering debt in Italy and the consequences.

In the current context of severe economic crisis in Italy and the negative experiences suffered by traders from abroad to recover their debt claims, trade relations have changed between Italy and the rest of the world in recent years. Good trade relations always requires reliability, certainty and promptness. Italy does not offer sufficient protection in this regard. The highly negative environment is manifested through: inefficiencies in the system and bureaucracy; the inability of the justice system (civil and criminal) to respond in the short to medium term, strong information asymmetries and a lack of fair competition; deeply rooted and widespread corruption in all areas of public administration; reluctance on the part of banking establishments to provide credit to companies/families; petty and organized crime. In this context , all operators – from small family businesses to large professional enterprises – all suffering more or less the same economic constraints – trade relations have been pervaded by mutual distrust . Primarily the state is slow to pay up followed by the private concerns. This has resultantly lead to the philosophy of the cash & carry, in the sense that many businesses and professionals (probably the vast majority) deliver goods and services in Italy only upon payment. After all, this is the only way to ensure and safeguard their business and commercial survival in Italy. Therefore a prudent business practice would be to know the client or supplier with whom you intend to do business, prior to goods changing hands, in order to verify their financial liquidity and reliability and to put in place suitable contracts to avoid costly and lengthy litigation.

Annino Law Firm offers a full service to protect and promote foreign companies wishing to operate in Italy, as well as, those already trading in Italy. We offer feasibility studies, pre-screening of client reliability, trade and employment contracts, registration of companies, trademarks and brands in Italy, the recovery of debts and translation of documentation. For any further information and legal support do not hesitate to send your request to: avv.annino@libero.it or vist www.annino-lawfirm.com


ITALIAN SUCCESSION TAXES

ITALIAN SUCCESSION TAXES

If you have Italian relatives, you could be the beneficiary of the inheritance. Inheritance claims involving Italian properties are currently subject to two taxes, i.e., Estate Tax and Property Transfer Tax.
Estate Tax
If the deceased was resident in Italy, Italian Inheritance Tax (Imposta sulle Successioni) is applied to all the assets worldwide belonging to the deceased. Otherwise in case of a non resident, the Italian Inheritance Tax rate is calculated on the assets located in Italy. The Estate Tax applies to the entire net value of the left estate, including movable and immovable assets. This amount is net of liabilities and all deductible expenses, such as debts of the deceased, medical and funeral expenses. The assets involved in the inheritance procedure are immovable properties, companies, shares/holdings, credits, money deposited in a bank account.
There are different rates which are applied to each heir according to the degree of kinship to the deceased, as follows:
- For spouses and children it is 4% of the estate value, with an allowance of EUR 1 million for each beneficiary.
- For siblings and close relatives (up to fourth degree of kinship) it is 6%. Each sibling is enttitled to an allowance of EUR 100,000.
- For any other subject it is 8%, without allowance.                                                               Property Transfer Tax
When one or more Italian properties are left, the succession is subject also to the property inheritance transfer taxes which are 3% of the property value on record.
The said taxes are the following:
1. Mortgage Tax (“Imposta Ipotecaria”) that is 2% of the property value on record or € 168 if the property will be the main house (“prima casa”) of the beneficiary.
2. Cadastral Tax (“Imposta Catastale”) that is 1% of the property value on record or € 168 if the property will be the main house (“prima casa”) of the beneficiary.
For further information about inheritance in Italy, please contact Annino Law Firm.   avv.annino@libero.it
Paola Isabella – Gianfranco Annino
Lawyers


Italy, Autumn 2012. Part II

Italy, Autumn 2012. Part II

The next few months, being the first of 2013, will highlight an Italy in deep recession with the correlated risks of social unrest and violent demonstrations. The crisis that the country is going through is not only economic, the lack of work will act as a driving force and catalyst for problems within our civil society. Our first thoughts go to the dire situation of the Sardinian people. We have always had a special attraction to this area which we believe to be one of the most fascinating in the world, our frequent visits for work to Sardinia have highlighted a situation of limited sustainability. Primarily due to the events at Vinyls, Alcoa and Sulcis, but also due to the serious economic situation amongst small and medium enterprises, farmers, fishermen and the tourism sector, all united by the total absence of institutions. Speaking of work, it is virtually impossible for Italian companies to compete within this negative context of fiscal burden, obnoxious bureaucracy, lack of reliable and efficient infrastructure and with the threat of criminal activity that is paradoxically linked to a justice system which has been jammed since biblical times. In this context, it is not surprising that Mr. Marchionne said that Fiat did not see it’s way clear to operating within the obsolete Italian industrial context when compared to the dynamics in the United States. In essence this is the same belief held by many Italian entrepreneurs who have left or are leaving Italy to settle in Switzerland, Eastern Europe or China. With the resultant serious loss of credibility, historical memories, knowledge (many entrepreneurs have developed extraordinary patents recognised worldwide) and jobs.


Autumn in Italy 2012

Autumn in Italy 2012

The return to work after the summer break, manifests social tensions which will have a particular impact on Italy. All sectors of society are in deep suffering; the state of crisis amongst large companies and small and medium enterprises has resulted in substantial job losses and this negative trend seems unending. The justice system, health services, education, public administration and local authorities lack efficiency. The State does not seem able to safeguard their own citizens but rather displays illegal behavior through their inhumane treatment of prisoners; awaiting trial prisoners, who’s guilt is yet to be proven; the state is criminal in the way that prisoners are treated, the daily and systematic violation of fundamental human rights which has continued for decades. In light of this it is difficult to continue talking about constitutional values, democracy and the rule of law. In this troubled time in our history the advocacy is called upon to safeguard legality to the best of their ability.


Happy 2012.

Happy 2012.

Best wishes for a wonderful holiday and a happy New Year.
Lo Studio Legale Annino augura a tutti un felice 2012. Un sentito ringraziamento a tutte le Società, gli Imprenditori, le Associazioni e le Persone che nel corso di questo 2011 hanno confidato nel nostro impegno e nella nostra professionalità. La nostra crescita è anche legata alla fiducia che riceviamo. Grazie ancora!