The process of globalization may be regarded as an extension of the extraordinary developments in the areas of economics and finance, commerce and information. As a consequence of these developments, enterprises are increasingly able to conduct their affairs without being constrained by geography or national boundaries. Globalization makes possible a truly international marketplace in which cultural barriers are eliminated.
The future of the corporate income tax system has now been discussed for a very long time in the European Communities. Any consideration relating to the direct taxation in the EC cannot elude the fact that strong differences still persist in the tax and legal systems of the member States, even after 40 years of the community practice: the International Market, from a fiscal perspective, is still composed of 15 different corporate tax regimes.
Piergiorgio Valente of Studio Associato Legale Tributario (Ernest & Young) gives an overview of the key principles behind administrative tax penalties in the jurisdictions of Italy, Sweden, the UK, France and Germany.
A comparative approach is adopted in this assessment of Italy's realistic potential as a holding company location.
Italy has introduced a dual incomes tax system, in the hope of overturning existing levels of capitalization.
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