TaxWorldWeb – International Tax News

Most Recent

The Italian tax authorities issued Circular Letter No. 23/E on 26 May 2011, providing new guidance on the controlled foreign company (CFC) regime. The circular follows guidance issued 6 October 2010, and includes several important clarifications on the application of the CFC rules to subsidiaries of Italian companies located in non-low-tax jurisdictions, which potentially have been caught by the CFC regime since 2010.