Partial Translation ...........
Submitted by alan h on Sun, 02/16/2014 - 12:15In reply to A newbie all over again! by Annec
As I understand it, [from postings elswher on the net];- From 1st February ALL transfers to Italian bank accounts from outside Italy are subject to a 20% witholding tax. The bank will deduct the 20% and send it to the GovernmentThis is all about tax due on investments abroad.To reclaim the money, assuming it was not the result of an investment abroad, you must reclaim it on your next Italian tax return.You can also make an 'autodichiarazione' at your bank regarding the 'ritenute d'ingresso' to declare it is not money from investments abroad and the bank will no longer deduct the 20%. [UK Pension payments, for example]
little explain in english ..
Submitted by Ugo on Sun, 02/16/2014 - 15:29In reply to A newbie all over again! by Annec
you should contact your bank immediately and activate a procedure to ensure that the transfers used to pay the mortgage and the utilities are not subjected to deduction of 20% - All other transfers, the deduction will suffer, as will be seen as increases in private income not stated, that as tax evasion - i think that to make all the payments that are not mortgages, bank loans or insurance payments on the fire and life, connected to a mortgage - the best thing is to use the credit cards issued on bank accounts not Italian - maybe waiting for the Italian government to correct this situation that is not in line with European standards of freedom of movement of capital. Ugo
Ritenuta
Submitted by Barry Beachcomber on Mon, 02/17/2014 - 08:17In reply to A newbie all over again! by Annec
Does this apply to non
Submitted by bunterboy on Mon, 02/17/2014 - 15:08In reply to A newbie all over again! by Annec
This new tax
Submitted by julia G. on Mon, 02/17/2014 - 15:23In reply to A newbie all over again! by Annec
I must thankyou Ugo for bringing this to my attention. I was about to exchange money today to transfer into my Italian bank account. Before making any decisions i visited the bank. They confirmed that this new tax was about to begin but were unsure as to how it would be implemented.My husband and I are both in receipt of private pensions in the uk which we use here for living expenses. I change a lump sum every 2 months via an exchange broker. It has proved to be cheaper than using my british current account - debit card.The bank informed me that I could transfer money upto the end of this week. Friday 21st without any tax removed from the lump sum. After this date they were unable to say what would happen although they did say that we would be able to get some forms of which we would be able to sign explaining that we required the money for general every day living , electric, food etc and that it was money with uk tax removed at source.. Unfortunately they were unsure how long this would take as at this time it was too early to say how this new system will work.I exchanged money today and it will be in my account tomorrow i do hope that they are true to their word. to be honest I don't have much faith in the banks of any country I consider them a necessary evil.I recommend to anybody else in this situation to speak to their bank just in case they are all acting differently. Mine is the Banca d'Asti.Also they did point out that this only applies to bank accounts of Italian and foreign residents. If you are a non resident then sigh with relief at the moment !!I look forward to hearing from anybody else in a similar situation.
more info about new tax
Submitted by Ugo on Mon, 02/17/2014 - 17:31In reply to A newbie all over again! by Annec
Attention Julia and everyone else who read this topic, the newspaper Il Sole 24 Ore, published another article, this evening, where there are some explanations. Unfortunately, banks are not very informed about this law and its application - However, the article confirms that the tax you pay on all transactions made, from abroad to ALL of the current accounts of private persons in Italy and that the date the beginning of the tax is 01-Feb-2014 - below I put the link to the new article -http://www.ilsole24ore.com/art/2014/2014-02-17/ritenuta-20percento-bonifici-estero-documentazione-necessaria-113935.shtml?uuid=ABIEy6w On February 1, forced banks to 20% withholding tax on transfers to individuals coming from abroad. The deductions will be automatic (unless prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not in the nature of compensation "income." Here are the experts' answers to the questions of the readers of Sole24Ore that explain how this levy . Ugo (www.lifeinitaly.it)
In reply to A newbie all over again! by Annec
il Sole Updating
Submitted by Ugo on Tue, 02/18/2014 - 07:36In reply to A newbie all over again! by Annec
http://www.ilsole24ore.com/art/2014/2014-02-17/ritenuta-20percento-bonifici-estero-documentazione-necessaria-113935.shtml?uuid=ABIEy6wsee all pages and comments !The not italian citizens that are owner of an italian propertyMUST NOT FORGETthat they , as italian property owner , are tax property payers ( tassa sui rifiuti, Electricity, Gas ..) As a result of their italian banks current accounts , for bank servers, are equivalent to those of italians citizens = PRIVATI I this morning spoke with some italian baks , many officer DO NOT HAVE OPERATIVE INFORMATIONSthe 20% picking are operated directly to central bank server :(I advise those of you who transfer money for the mortgage payment, by way of greater security, to transfer amounts to 20% higher than the installment loan that is due,for peaceUgo (www.lifeinitaly.it)
Well ...............
Submitted by alan h on Tue, 02/18/2014 - 13:24In reply to A newbie all over again! by Annec
In reply to A newbie all over again! by Annec
Sono esenti dal prelievo le donazioni tra privati e i redditi da lavoro autonomo = Are exempt from the levy between private donations and income from self-employmenthttp://www.lastampa.it/2014/02/18/economia/ecco-come-funzionano-i-bonifici-delle-polemiche-r6WHXKssTI3P3M55M6iFdJ/pagina.html Here's how they work - transfers of controversyTo avoid the levy of 20% on money from abroad serves the self-certification CALL TO YOURS ITALIAN BANKS , AND ASK THE FORM TO MAKE DECLARATION !!
last updating - MODULE
Submitted by Ugo on Wed, 02/19/2014 - 05:13In reply to A newbie all over again! by Annec
http://www.ilsole24ore.com/pdf2010/Editrice/ILSOLE24ORE/ILSOLE24ORE/Online/_Oggetti_Correlati/Documenti/Notizie/2014/02/fac-simile-esonero-ritenuta.pdf advise of to contact your bank - before fill it
In reply to A newbie all over again! by Annec
stop , no 20% drawingsiamo governati da una banda di pazzi http://www.ilsole24ore.com/art/notizie/2014-02-19/bonifici-estero-tesoro-sospende-ritenuta-20percento-191538.shtml?cq_mod=1392838520145#comments
...but this does not apply to foreign residents
Submitted by robbiemarche on Wed, 02/19/2014 - 17:17In reply to A newbie all over again! by Annec
Good old Italy looks like
Submitted by pas55 on Thu, 02/20/2014 - 05:02In reply to A newbie all over again! by Annec
Transfers to buy a home
Submitted by whidden39 on Mon, 03/03/2014 - 09:44In reply to A newbie all over again! by Annec
I just stumbled upon this information accidentally and have heard nothing about it previously. I intend (intended?) to buy a house in Italy and pay with cash that will be transferred from savings now in the US. This is scaring the stuffing out of me. Imagine having 20% withheld from your transaction! Needless to say, I will get an exception before performing such a transfer since my income is entirely from retirement funds. I thought the US and Italy had a reciprocal agreement assuring that taxpayers will not be double-taxed. The smaller the world gets, the more confined I feel.
In reply to A newbie all over again! by Annec
In reply to A newbie all over again! by Annec
Any new information? We were
Submitted by missjanem+c on Sat, 06/07/2014 - 21:26In reply to A newbie all over again! by Annec
I think this post by Modicasa
Submitted by stevegwmonkseaton on Sun, 06/08/2014 - 05:36In reply to A newbie all over again! by Annec
I think this post by Modicasa"This measure has been put on hold until September, which basically means it has been annulled. Dont worry about it"is correct, you will certainly hear about it long before it happens, which I reckon wont! However I can fully understand your concern, we too were at the time and took action to avoid the need to transfer cash, but in your circumstances it would be very difficult. Silly, if not illegal measure to even contemplate. This measure has been put on hold until September, which basically means it has been annulled. Dont worry about it - See more at: https://www.italymagazine.com/post/very-important-notice-transfert-money-italian-bank-account#sthash.l48ykJmU.dpufThis measure has been put on hold until September, which basically means it has been annulled. Dont worry about it - See more at: https://www.italymagazine.com/post/very-important-notice-transfert-money-italian-bank-account#sthash.l48ykJmU.dpufThis measure has been put on hold until September, which basically means it has been annulled. Dont worry about it - See more at: https://www.italymagazine.com/post/very-important-notice-transfert-money-italian-bank-account#sthash.l48ykJmU.dpufThis measure has been put on hold until September, which basically means it has been annulled. Dont worry about it - See more at: https://www.italymagazine.com/post/very-important-notice-transfert-money-italian-bank-account#sthash.l48ykJmU.dpufThis measure has been put on hold until September, which basically means it has been annulled. Dont worry about it - See more at: https://www.italymagazine.com/post/very-important-notice-transfert-money-italian-bank-account#sthash.l48ykJmU.dpufThis measure has been put on hold until September, which basically means it has been annulled. Dont worry about it - See more at: https://www.italymagazine.com/post/very-important-notice-transfert-money-italian-bank-account#sthash.l48ykJmU.dpufThis measure has been put on hold until September, which basically means it has been annulled. Dont worry about it - See more at: https://www.italymagazine.com/post/very-important-notice-transfert-money-italian-bank-account#sthash.l48ykJmU.dpuf