Glossario Termini Fiscali, Glossary of Tax Terminology
A practical Dictionary of Tax Terminology




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Sommario

  1. 1 - I -
    1. 1.1 IMMOBILI (identificazione degli) - REAL ESTATE (IDENTIFICATION OF)
    2. 1.2 IMMOBILI (IMPOSTE SUGLI) - TAXES ON REAL ESTATE
    3. 1.3 IMMOBILI STRUMENTALI - INSTRUMENTAL PROPERTIES
    4. 1.4 IMPOSTA - TAX
    5. 1.5 IMPOSTA DI FABBRICAZIONE E CONSUMO - TAX ON PRODUCTION AND CONSUMPTION
    6. 1.6 IMPOSTA DI REGISTRO - REGISTRATION FEE
    7. 1.7 IMPOSTE IPOTECARIA E CATASTALE - MORTGAGE AND CADASTRAL TAXES
    8. 1.8 IMPOSTA ACCERTATA - ASSESSED TAX
    9. 1.9 IMPOSTA LORDA - GROSS TAX
    10. 1.10 IMPOSTA PERSONALE - PERSONAL TAX
    11. 1.11 IMPOSTA PROVINCIALE DI TRASCRIZIONE - PROVINCIAL REGISTRATION TAX
    12. 1.12 IMPOSTA SOSTITUTIVA - SUBSTITUTE TAX
    13. 1.13 IMPOSTE DIFFERITE - DEFERRED TAXES
    14. 1.14 IMPOSTE DIRETTE - DIRECT TAXES
    15. 1.15 IMPOSTE INDIRETTE - INDIRECT TAXES
    16. 1.16 IMPRESA - COMPANY
    17. 1.17 IMPRESA FAMILIARE - FAMILY-OWNED COMPANY
    18. 1.18 IMPUTAZIONE (DEL CREDITO, DEL REDDITO, ECC.) - ALLOCATION (OF CREDIT, INCOME ETC.)
    19. 1.19 INCENTIVO FISCALE - TAX INCENTIVE
    20. 1.20 INDAGINI FINANZIARIE - FINANCIAL INVESTIGATIONS
    21. 1.21 INDENNITÀ DI ESPROPRIO - EXPROPRIATION INDEMNITY
    22. 1.22 INDENNITÀ DI FINE RAPPORTO - RETIREMENT BONUS
    23. 1.23 INTERESSI MORATORI - INTERESTS ON ARREARS
    24. 1.24 INTERESSI PASSIVI - INTERESTS PAID
    25. 1.25 INTERMEDIARI (del Servizio Telematico) - INTERMEDIARIES (ON THE INTERNET)
    26. 1.26 INTERPELLO - QUESTIONING
    27. 1.27 INTERPOSIZIONE FITTIZIA - FICTITIOUS INTERVENTION
    28. 1.28 INTRASTAT
    29. 1.29 IRAP IMPOSTA REGIONALE SULLE ATTIVITÀ PRODUTTIVE - Regional Tax on Productive Activities
    30. 1.30 IRPEF IMPOSTA SUL REDDITO DELLE PERSONE FISICHE – Income Tax on Natural Persons
    31. 1.31 IRES IMPOSTA SUL REDDITO DELLE SOCIET� - Italian Tax on Corporate Income
    32. 1.32 IRROGAZIONE - IMPOSITION
    33. 1.33 ISCRIZIONE A RUOLO - ENROLMENT ON THE REGISTER
    34. 1.34 ISPEZIONE - INSPECTION
    35. 1.35 IVA (IMPOSTA SUL VALORE AGGIUNTO) - VAT (Value Added Tax)


- I -

IMMOBILI (identificazione degli) - REAL ESTATE (IDENTIFICATION OF)

Activity carried out by the Agenzia del Territorio in order to attribute income.

For this purpose, the territory of each municipality is shown on a map; each real estate unit is identified by the name of the municipality, and by the number of the Sheet, Parcel and Subaltern.

The latter identifies the single unit within the framework of the building (parcel). The territory of the largest municipalities is then further divided into “census zones”.

Each real estate unit is then classified according to its characteristics and destined use.

Urban real estate units are classified as follows:
  • A Units for use as dwelling or similar
  • B Units as collective accommodation (barracks, boarding schools, etc)
  • C Units for commercial use
  • D Units for particular use (cinemas, theatres, factories etc.)

Group A (dwellings) includes the following categories:
  • A/1 high quality dwellings
  • A/2 civil dwellings
  • A/3 economic dwellings
  • A/4 common dwellings
  • A/5 low quality dwellings
  • A/6 rural dwellings
  • A/7 detached houses
  • A/8 villas
  • A/9 castles and historical-artistic buildings
  • A/10 offices and private studios
  • A/11 houses and dwellings typical of the area.

IMMOBILI (IMPOSTE SUGLI) - TAXES ON REAL ESTATE

Taxes on the income from land and buildings (Irpef and Irpef supplements), on ownership (Imu), on transfer of property (registration fee, VAT, mortgage and cadastral taxes).

When the property is transferred through a sale, the taxes applied are the registration fee (or alternatively VAT), mortgage and cadastral taxes; when the property is transferred through donation (or inherited) the taxes applied are the mortgage and cadastral taxes and the registration fee if the donation is between two strangers and the exemption is exceeded.

For Irpef purposes, the income from real estate accumulates with other income of the owner and is taxed according to the rate fixed for that amount. Because Irpef rates are progressive, income from real estate is therefore taxed at a more or less higher level depending on the whole income it is put together with.

IMMOBILI STRUMENTALI - INSTRUMENTAL PROPERTIES

Property used exclusively for carrying out a business, craft or profession. Instrumental properties, indicated in the register of amortizable property, do not produce income inasmuch as they contribute to forming the income of the business or of self-employment.

IMPOSTA - TAX

Part of the wealth of the private person that the State, the Regions and the local authorities take compulsorily in order to sustain the necessary maintenance expenses and to satisfy public needs.

From a juridical point of view, the tax is an obligation deriving from the law and its main features are: a) it is compulsory and b) there is no direct counter-service from the State.

Connected items: fee, levy

IMPOSTA DI FABBRICAZIONE E CONSUMO - TAX ON PRODUCTION AND CONSUMPTION

(see Excise duty).

IMPOSTA DI REGISTRO - REGISTRATION FEE

Tax raised on the transfer of wealth.

Deeds are subject to tax on the basis of the rates indicated in the tariff attached to the institutive decree, proportionally to the value of the deed registered. In some cases there is a fixed tax.

IMPOSTE IPOTECARIA E CATASTALE - MORTGAGE AND CADASTRAL TAXES

Taxes applied whenever there is a formal transcription, registration, renewal, cancellation and annotation in the public mortgage registers.

IMPOSTA ACCERTATA - ASSESSED TAX

A debt determined following an assessment, which must be paid by the taxpayer within 30 days of receiving the verification notice or, in case of appeal, gradually according to increased rates depending on the various levels of the appeal case.

IMPOSTA LORDA - GROSS TAX

The amount obtained by applying the marginal rates to the individual bands of taxable income for the purposes of Irpef. Subtracting the deductions from the gross tax you get the net tax.

IMPOSTA PERSONALE - PERSONAL TAX

A tax which hits wealth insofar as it belongs to a particular person.

A typical example of personal tax is Irpef. In applying personal tax certain conditions are taken into account, such as dependant family members, particular jobs or the payment of certain expenses of social importance.

IMPOSTA PROVINCIALE DI TRASCRIZIONE - PROVINCIAL REGISTRATION TAX

Tax on the formalities of registering, transferring and annotating a vehicle in the public vehicle register; it pertains to the provinces.

It is proportionate to the type and horse power of the vehicle.

IMPOSTA SOSTITUTIVA - SUBSTITUTE TAX

Generally, a payment of a small amount which substitutes the tax normally applied.

For example the substitute Irpef taxes of from 12.5% to 20% applied, depending on the cases, to the appreciation deriving from selling stocks (see also: Capital gains).

IMPOSTE DIFFERITE - DEFERRED TAXES

Taxes due in future financial years but regarding the current financial year.

For example they derive from positive components of taxable income in the financial years following the one in which they were listed in the balance sheet, or from negative components deductible in financial years preceding the one in which they were listed.

IMPOSTE DIRETTE - DIRECT TAXES

Taxes on the taxpaying capacity of a subject and therefore his/her income and capital. For example: Irpef, Ires.

As opposed to indirect taxes.

IMPOSTE INDIRETTE - INDIRECT TAXES

Taxes which are not in proportion to the income of the taxpayer but are determined on an action which indirectly shows the taxpaying capacity, such as the purchase or transfer of property.

Examples of this tax are: VAT, Registration fee, Mortgage and cadastral taxes, Stamp duty, Excise Duty.

IMPRESA - COMPANY

An economic business to manufacture and exchange goods and services.

For tax purposes, companies are distinguished according to whether they are subject to Irpef (sole proprietorships or partnerships) or Irpeg (corporations, commercial institutions).

IMPRESA FAMILIARE - FAMILY-OWNED COMPANY

A company registered in the name of a family member where other members of the family work permanently.

The family-owned company is important for relations within the family unit but not with third parties.

IMPUTAZIONE (DEL CREDITO, DEL REDDITO, ECC.) - ALLOCATION (OF CREDIT, INCOME ETC.)

The attribution to a taxpayer of a part of income or a deduction or a credit.

Allocation may also be used with the meaning of attributing an expense to a particular tax period, to a particular item in the profit and loss account, etc.

INCENTIVO FISCALE - TAX INCENTIVE

The exemption from paying certain taxes or the reduction of their amount.

The incentive is normally given to companies who make investments in particular economic-social areas.

INDAGINI FINANZIARIE - FINANCIAL INVESTIGATIONS

Investigation by the Tax Administration to translate “patrimonial” and “managerial” evidence into proof showing the actual taxpaying capacity of the subject under investigation.

INDENNITÀ DI ESPROPRIO - EXPROPRIATION INDEMNITY

Amounts received during expropriation proceedings.

They are subject to a deduction of 20% as tax.

The taxpayer can also choose to determine the tax in the standard way; in this case the indemnity must be declared in the tax return.

INDENNITÀ DI FINE RAPPORTO - RETIREMENT BONUS

Payment received by the employee at the end of a contract of subordinate work; the payment is proportional to the yearly salary paid and to the years worked.

Usually, it bonus shall not be included in the tax return: Revenue Agency will set the tax according to the average tax rate of the five years preceding the retirement one, deducting the sums already paid annually by the withholding agent and enrolling on the register (or refunding) the taxes by the 31st December of the third year following the year when the withholding agent submitted the tax return.

INTERESSI MORATORI - INTERESTS ON ARREARS

Amount added to the sum due when payment is made late. Like interest due for extended payment, they are used to compensate the creditor for the delay.

INTERESSI PASSIVI - INTERESTS PAID

Cost of money borrowed. Interests paid deriving from a mortgage loan signed for the purchase or construction of the main residence, and from an agricultural mortgage, are deductible, to a certain extend (19%), from the gross tax; in determining company income they are normally deductible from the revenue.

INTERMEDIARI (del Servizio Telematico) - INTERMEDIARIES (ON THE INTERNET)

Persons and organisations (accountants, tax information centres, banks, post offices) who have been authorised to send the taxpayers’ tax returns to the Revenue Agency via the Internet.

INTERPELLO - QUESTIONING

The possibility for the taxpayer to ask the opinion of the Tax Administration before completing a certain act, when there is an “objective uncertainty” about the application of the law.

If the taxpayer does not receive a reply within 120 days, it means the Revenue Agency agrees with the interpretation proposed (consent by silence).

The queries which come under the competence of the Revenue Agency concern the following:
  • income tax
  • Value Added Tax
  • Irap
  • Registration fee
  • Stamp duty
  • Licence taxes
  • Entertainments duty and other minor taxes.

INTERPOSIZIONE FITTIZIA - FICTITIOUS INTERVENTION

Allocation of income by one subject (the actual owner) to another subject (fictitious owner), in order to pay a lower tax.

If there is a correction or assessment, the office will allocate the income to the real owner, on the basis of serious, precise and concordant assumptions.

INTRASTAT

Detection system of fiscal statistic data concerning the exchange of goods between member states of the EU. Entities subject to VAT who purchase or sell goods from/to others entities subject to VAT resident in other member States of the EU must periodically send a list (Intra form) of the purchases or sales to the competent local customs office.

IRAP IMPOSTA REGIONALE SULLE ATTIVITÀ PRODUTTIVE - Regional Tax on Productive Activities

A tax on companies and professionals introduced in 1998 at the time when some taxes (Ilor, Iciap, tax on VAT number, tax on the net assets of companies, National Health contributions) were eliminated.

The tax revenue from IRAP goes to the Regions to cover health care expenses.

IRPEF IMPOSTA SUL REDDITO DELLE PERSONE FISICHE – Income Tax on Natural Persons

This is the main direct tax of the Italian tax system. It is personal (because it affects anyone with an income) and progressive (because it is subject to an increased rate depending on the tax band). Irpef is paid on any kind of income. All persons, resident or non-resident, must pay Irpef.

Non residents only have to pay on their revenue. From 1st January 2004 Irpef was replaced by Ire (Imposta sul Reddito, Italian Tax on Income).

IRES IMPOSTA SUL REDDITO DELLE SOCIET� - Italian Tax on Corporate Income

A tax which is imposed proportionately on legal persons and subjects similar to them. Ires assumes a revenue, in cash or in kind, coming within one of the categories provided by the tax legislation for the purposes of Irpef.

Ires must be paid by: corporations, public and private commercial and non commercial bodies, resident in Italy, companies and bodies of all kinds with or without a legal nature, and non residents who have produced revenue in Italy. Ires shall not be paid by: State bodies and administrations including those of an autonomous order even if they have legal nature, as well as the Regions, Provinces and Municipalities. Ires is a tax due for �tax periods�, that is the body�s management period, according to law or the articles of association.

IRROGAZIONE - IMPOSITION

The administration of a penalty, for example a sanction.

ISCRIZIONE A RUOLO - ENROLMENT ON THE REGISTER

The insertion of a tax payer in the list of debtors of the treasury for taxes and suchlike, relating to a tax period.

After enrolment, the appropriate procedures must be activated by the local collection agents in order to collect the sums due.

ISPEZIONE - INSPECTION

Power of the Revenue Agency to verify if a taxpayer has respected his/her formal and substantive obligations, by examining the book-keeping entries, the account books, and any relevant documentation (see: Powers of the offices).

IVA (IMPOSTA SUL VALORE AGGIUNTO) - VAT (Value Added Tax)

A tax that affects, through a system of detractions and compensation, the increase in value that a product incurs in the production and distribution phases.

Its total effect is on the final consumer, who has to pay the entire tax. VAT mainly affects imports, transfer of goods and the performance of services by companies, craftsmen and professions.

AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più utilizzati in ambito fiscale in Italia, tradotti e spiegati in inglese dall'Agenzia delle Entrate.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.

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