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Italy - Developments in Tax Accounting

Country:
Italy
Author:
Antonella Magliocco; Alessandra Sanelli
Issue:
European Taxation, 2009 (Volume 49), No 8/9
Published:
21 August 2009
Italy has traditionally adopted a "dependency" approach to tax accounting. The 2003 corporation law and tax reforms removed problems between accounting and tax rules. In 2005, Italy implemented International Accounting Standards (IAS)/International Financial Reporting Standards for the financial accounts of large taxpayers. At this stage, an attempt was made to safeguard neutrality between IAS and non-IAS taxpayers. Administrative difficulties, however, soon led to new provisions, introducing a dual system for IAS and non-IAS taxpayers, recognizing the relevance of "substance over form" and enhancing "dependency".
 
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