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Italian Tax Law

Like any other revenue systems in the world, the main point of taxpaying is to remind the public of their responsibility to help contribute a better social and economic foundation for the country. In Italy, the taxation system is governed by its constitution. In accordance to the Italian Republican Constitution, the duty of its citizens to pay taxes is a way to recognize their sole responsibility of helping to forge civic, social, economic and political solidarity.

The Italian tax law, normally referred to as the Italian fiscal system, has undergone series of revisions due to state and regional legislative powers conflict. According to the Title V of the Italian Republican Constitution, the state has a prevailing legislative capability concerning the fiscal and book-keeping system of the state itself. This legislative power is passed on to the regions but limitations still exist as bounds are set within the laws of the state. Also stated in the constitution, independent agencies like municipalities, metropolitan cities and regions can create and apply taxes and incomes as long as it will abide with the fundamental principles of public finance and fiscal system coordination. However, this part of the constitution has been modified by a recent government bill; the amendment abolishes the legislative competency of the regions allowing the state to participate deeper in the public finance and fiscal system. The main problem occurred due to the centralization of power is the lack of codification; general tax laws by the state do not support the legal regulation of single taxes. The latter conflict was resolved by a reform on the Italian tax law; several taxes are reduced into five main taxes. These five main taxes are collected in a single code, these are: income tax, companies' income tax, service tax, value-added tax and inland duty.

The income tax, which applies on an individual, is divided into two categories; for incomes below EUR100,000, 23% of the income is taxed while for incomes higher than EUR100,000, 33% of the income is taxed. The tax on companies is set on a single rate of 33%; this tax also helps the companies anticipate any possibilities for national and international consolidation on fiscal system. The service tax encompasses the smaller forms of money withdrawal like mortgage taxes (including land taxes), stamp duty, tax on Stock Exchange contracts, registration, and governmental concession taxes. The value-added tax is a percentage of the total taxable amount of any goods and services as long as it can be subjected to this form of tax. The last form is the inland duty, this form of tax helps complement the value-added tax directives. The Italian tax law is also affected by the European economic integration; this is because of the market globalization and the introduction of euro as the universal currency of the European Union.

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