Venerdì, 21 Settembre 2018

European Commission accepts Italy's amended property tax


Brussels, December 19 - The European Commission
said Wednesday that it has accepted Italy's amended new property
tax regulation, the IMU.
And although Italy's former system of real estate tax
exemptions was incompatible with EU state aid rules, the
Commission announced that Italy won't have to attempt the
impossible task of recovering that money.
Italy has said that it would impossible to try to recover
all the money exempted between 2006 and 2011 under former tax
"Non-profit organizations play an important social role,
which is reflected in the Italian real estate tax regime,"
explained EC Competition Commissioner Joaquin Almunia.
"However, when they operate on the same markets as
commercial players, we need to make sure that they do not
benefit from an undue advantage," he added.
"The new Italian law on the taxation of real estate ensures
that this is not the case".
Italy amended its property tax code in recent months after
mounting pressure from the European Union, by lifting exemptions
on all income-producing institutions such as Catholic health
facilities and Church-owned hotels.
The changes go into effect December 31.
The EU holds that tax breaks received by the Catholic
Church could be considered illegal State financial aid.

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