Italian government has introduced Value added tax (also known as VAT) back in year 1972, having a local name in Italian “Imposta sul Valore Aggiunto (IVA)”. Italian officials have also decided to introduce the VAT directives and other initiatives developed by the European Union, where Italy is one of the founding members.
The Italian VAT regulations are can be found in the VAT laws and other legal acts, which are constantly backed up by judicial precedents. Local tax office also develops and introduces Administrative Doctrines, containing different general guidelines on a daily VAT application. The value added tax system is under supervision of the Italian Ministry of Finance.
As the common European Union VAT regulation states, all companies performing trade on the territory of Italy and supplying goods or services subjected to taxation, must comply with the local tax legal regulations. The latter have included the obligations to apply for the local VAT number, meet all requirements of the Italian VAT regulations as well as fill and submit VAT reports and other declarations on a regular basis.
Cases in which a company must register Italian VAT Whenever a foreign, non-resident company is selling goods or rendering services, in this case it can face the legal requirement to apply at the tax office in the same manner as a local tax payer and acquire an Italian VAT number. Under the following circumstances a company may be obliged to acquire Italian VAT number:
Importing goods into Italy, however, in case the client has Italian VAT number - the supplier is allowed not to estimate local VAT; Purchasing and trading goods on the territory of Italy, provided the supplier and customers aren’t Italian company with a local VAT number; Provision or acceptance of intra-community supplies, or receipt of goods as acquisitions from other European Union member states; Selling goods to individual consumers using the internet, are subjected to the local remote selling registration threshold; Storing goods in a consignment warehouse on the territory of Italy for the purpose of supplies in Italy or, alternatively, in the EU; Charging admission and entry fees to live events or exhibitions on the territory of Italy; E-commerce transactions, provided the goods are sold to the Italian consumers online. Starting from year 2010, there are almost no situations in which a non-resident VAT number registration is required in order to provide services on the territory of Italy. Instead, the Italian customer records the transaction under the reverse charge mechanism.
Keep in mind that providers of digital, broadcasting or telecommunication services directly to the Italian consumers only have to apply for VAT number in one of the European Union member states according to the MOSS scheme, in order to file a single return covering all 28 member states.
Basic Italian VAT information Below you can see basic information regarding Italian value added tax.
Standard VAT Rate: 22% Reduced VAT Rate: 4%, 10% Registration Threshold Distance Selling: 35,000 € EU VAT number format: IT99999999999 VAT returns The yearly VAT return and the Annual Communication of VAT Data must be submitted to the local tax administration. No monthly – quarterly periodical VAT returns have to be submitted. The Annual Communication of VAT Data has to be submitted only by digital ways of communication during February. The yearly VAT return has to be submitted exclusively by digital ways of communication by 31st September and has to be filed together with the corporate tax return.
Somalia is considered to be a large nation because of its total area. Its total land area is 637,657 km² (approx. 246,200 mi²). Continental shelf of Somalia is approximately 55,895 km² (around 21,581 mi²). Somalia is located in Africa. Africa is the world’s second-largest and second-most populous continent. African countries include, but are not limited to, South Africa, Kenya, Tanzania, Ethiopia, and Egypt. Somalia has 3 neighbouring countries. Its neighbours include Djibouti, Ethiopia, Kenya. Somalia is not a landlocked country. It means that is is bordered by at least one major body of water. The average elevation range of Somalia is 410 m (1,345 ft).
Neighbors Total length of land borders of Somalia is 2385 kilometers (~921 miles). Somalia shares its land borders with 3 different countries, and has the same number of unique land boundaries to neigbouring territories. As in the case of Somalia, if a country has the same number of unique neighboring territories as number of land borders, than that country has no non-contiguous sections of a land border. This is in contrast to several countries that have multiple non-contiguous sections of land borders. Somalia has 3 neighbouring countries. Its neighbours include Djibouti, Ethiopia, and Kenya. The lengths of the land borders of Somalia with its neighbouring countries are as follows:
Djibouti - 58 km (36 mi), Ethiopia - 1600 km (994 mi), Kenya - 682 km (424 mi).
Cities The capital city of Somalia is Mogadishu. The largest city in Somalia is Mogadishu.
Elevation The average elevation range of Somalia is 410 m (1,345 ft). The highest point of Somalia is Shimbiris, with its official height being 2450 m (8,038 ft). The lowest point of Somalia is Indian Ocean. The elevation difference between the highest (Shimbiris) and lowest (Indian Ocean) points of Somalia is 2450 m (2 ft).
Area The total land area of Somalia is 637,657 km² (approx. 246,200 mi²). and the total exclusive economic zone (EEZ) is 825,052 km² (~318,553 mi²). The continental shelf of Somalia is approximately 55,895 km² (around 21,581 mi²). Including land mass and EEZ, the total area of Somalia is approximately 1,462,709 km² (~564,753 mi²). Somalia is considered to be a large nation because of its total area.
Forest and arable land 71,310 km² of Somalia's territory is covered in forests, and forest land comprises 11% of all the land in the country. There are 10,288 km² of arable land in Somalia, and it comprises 2% of the country's total territory.
The development of telecommunications and economic globalization have made it possible for interested investors to set up companies all over the world. With proper research, financial investment and legal backing, business ventures can be safely incorporated in almost any country in the world. Building an international business used to be a complicated entrepreneurial venture, but today it is commonplace with the help of experienced legal and business advisors.
The advantages of founding a company abroad are as numerous as they are obvious. Many countries offer specific locational advantages, ranging from natural resources and well-established infrastructure to beneficial laws and regulations that encourage growth in a particular industry. Likewise, it can be difficult to start a business or an acquisition in your own country due to adverse situations: political or regulatory environment, lack of resources and more. In this situation, it makes sense to consider an overseas option that offers greater opportunities for growth, development, and success.
Company registration in the Solomon Islands When starting a business in the Solomon Islands, an interested investor must conduct due diligence on legal procedures, international regulations and sufficient investment for success. It is crucial to understand cultural, social and political factors that influence starting and growing one's business. Failure to do so may result in unintended consequences. Poorly researched and toneless international launches often end in disaster as time, money and energy is wasted due to poor planning.
Contact us for additional information on incorporating a company within the Solomon Islands jurisdiction.
Legal Documents Every country in the world presents its own intricate challenges when it comes to starting, developing and maintaining a business. Owners, financiers and investors must make these commitments with the support of a knowledgeable and experienced legal team. Only someone with in-depth knowledge of local and international corporate law will be able to set up an overseas business while avoiding the pitfalls that plague many new businesses.
Additionally, smart business people can consider ways to invest in foreign companies without actually starting their own businesses. In these situations, it is still beneficial for the investor to partner with a knowledgeable global economics and litigation advisor. International investments create a truly diverse portfolio that offers growth opportunities that were unthinkable decades ago.
Potential investors, venture capitalists and entrepreneurs should consider the existing infrastructure in the Solomon Islands when planning to start a new business. While extensive infrastructure and systems can help make the process of starting a business a smooth one, it could also represent market saturation and reduced growth potential. On the other hand, a lack of infrastructure is often a major obstacle to growth; However, the lack of infrastructure points to a clear market opening for a creative and efficient new business.
With the right documentation and initial expenses, it is possible for a foreign citizen to open a bank account in Turkey. This international account and investment opportunity offers several advantages based on economic regulations and tax structures. Interest rates, tax laws and fees vary depending on the country in which you invest; Careful research and strategic financial actions could result in significant portfolio growth.
If you are considering opening a bank account in Turkey, you need to enlist the help of international experts to guide you through the process.
Legal forms in Turkey Each international jurisdiction adheres to different legal structures for taxation and banking. Confidus Solutions helps you understand the nuances of each country's legal structure. In order to do business in Turkey, it is crucial that you have a thorough understanding of the financial and legal ramifications.
Initial investments The vast majority ofbank accounts in Turkeyrequire an initial financial outlay to secure the account opening. This value differs from bank to bank and also depends on variable exchange rates. An international financial expert will help navigate these conversions, as well as the various fees and minimums associated with maintaining a bank account. Make sure you understand the interest and growth rates associated with each prospective international bank account so you can maximize your returns while minimizing risk.
Tax structures in Turkey To get the best results and avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help avoid a litany of long-term costs and fees related to unforeseen errors and legal errors. Language skills, financial know-how and bureaucratic experience ensure that your account opening is processed smoothly and without unintended consequences.
The currency of the country is Euro. The symbol used for this currency is €, abbreviated to EUR. 5.5% of the country's population is unemployed. The total number of unemployed in Austria is 481,350. Austria exports around 165.6 billion US dollars a year and imports around 167.9 billion US dollars. The country's Gini index is 26.3. Austria has a Human Development Index (HDI) of 0.881. The Global Peace Index (GPI) for Austria is 1.198. Austria has a public debt equal to 57.4% of the country's gross domestic product (GDP) as estimated in 2012. Austria is considered a developed nation. A nation's stage of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. The country's main industries are construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood, paper and cardboard, communications equipment and tourism.
The total gross domestic product (GDP) calculated as purchasing power parity (PPP) in Austria is 402 billion US dollars. Every year, consumers spend around $230,783 million. The ratio of consumer spending to GDP in Austria is 61%, the ratio of consumer spending to the world consumer market is 0.54. Corporate income tax in Austria is 25%. Personal income tax ranges from 0% to 50% depending on your specific situation and income level. VAT in Austria is 20%.