Ms Simona Zangrandi

Simona Zangrandi

Lawyer biography

Simona Zangrandi was born in Milan on 21/12/1971. In 1997 she took her degree in Business Economics with first class honours at the Università di Pavia. She has been enrolled in the professional accountants’ register of Milan since 2001. She has been enrolled in the auditors’ register since 2001. She has worked for the firm since 2006.


Italian, English.


Corporate Tax

Budget Law 2021: tax incentive for business combinations
Italy | 22 January 2021

Parliament recently enacted the Budget Law 2021 which, among other things, enables a portion of deferred tax assets to be converted into a tax credit relating to tax losses carried forward and excess aid to economic growth, accrued up to the fiscal year prior to that in which a business combination occurs. The rule aims to encourage business combinations and more structured and competitive realities on the market, especially in a crisis situation, such as that brought about by COVID-19.

Updated transfer pricing documentation requirements
Italy | 15 January 2021

A new provision establishes the requirements for the suitability of transfer pricing documentation. In order to align the domestic transfer pricing framework with the Organisation for Economic Cooperation and Development standards, the provision updates the rules relating to the content of transfer pricing documentation, which must be prepared in order to support the application of the arm's-length principle to intercompany transactions.

New step-up option on taxpayer assets introduced
Italy | 16 October 2020

Decree-Law 104/2020 recently introduced a new opportunity for Italian companies to step up the cost of tangible and intangible assets (real estate and other immovable properties which are built or for resale are excluded) and participation in controlled and associated companies included in financial statements as of 31 December 2019. Therefore, for taxpayers for which the fiscal year matches the calendar year, the revaluation option can be exercised for the fiscal year ending 31 December 2020.

Heal Italy decree-law: main tax measures
Italy | 10 April 2020

In order to face the COVID-19 emergency, the government has issued Decree-Law 18/2020, a package of extraordinary measures to strengthen the national health service and provide financial and economic support to families, workers and companies. The decree-law entered into force on 17 March 2020 and will be converted into law, with potential amendments, by Parliament within 60 days of its adoption. This article summarises the main tax measures included in the decree-law.

Budget Law 2020 – a corporate tax overview
Italy | 31 January 2020

In December 2019 Parliament passed the Budget Law for 2020 and a related tax law decree. Most of the new provisions apply from 1 January 2020 or will become applicable in 2020. For example, as of 2020, the tax on financial instruments held abroad and on foreign real estate also apply to non-commercial entities (including trusts and foundations) and certain Italian tax-resident partnerships. This article summarises the main changes applicable to corporate entities.

Growth Decree – an overview
Italy | 05 July 2019

The recently passed Growth Decree has introduced a number of tax provisions which apply to various sectors. In particular, the decree-law has extended the super depreciation regime to investments in new tangible assets in certain circumstances, introduced a corporate income tax reduction on reinvested earnings and restored tax incentives for business combinations, allowing companies involved in mergers, demergers or business combinations to get a free tax step-up in the book value of relevant assets up to €5 million.

VAT grouping provisions – an overview
Italy | 25 January 2019

Italy's value added tax (VAT) group scheme recently took effect. The scope of application, conditions and implications of the VAT group scheme are different from the existing VAT consolidation scheme. Contrary to the VAT consolidation scheme, where each entity remains not only independent from a juridical point of view, but also a single taxable person, a VAT group is considered a single VAT taxpayer and the participating entities are jointly and severally liable for VAT (and interest and penalties) to the tax authorities.

Budget Law 2018 – new regime applicable to tax on blacklisted source dividends
Italy | 04 May 2018

The Budget Law 2018 introduced, among other things, amendments to the tax regime concerning dividends from non-resident companies located in low-tax jurisdictions (ie, blacklisted companies). 'Blacklisted companies' are entities resident or located in jurisdictions other than EU or European Economic Area member states, whose ordinary or special tax regime grants a nominal tax rate that is 50% lower than the Italian one.

New tax rules for dividends and capital gains realised by non-business individuals
Italy | 23 February 2018

The recently approved Budget Law has harmonised the taxation of dividends and capital gains earned by non-business individuals on substantial and non-substantial participation held in Italian and foreign companies, among other things. Companies and partnerships will be unaffected by these changes, as the distinction between substantial and non-substantial participation is irrelevant.

Notional interest deduction – an overview
Italy | 24 November 2017

The notional interest deduction (NID) regime has been in effect since the 2011 fiscal year. Under this regime, Italian resident companies and permanent establishments of non-resident companies may deduct notional interest from their corporate income taxable base. The NID is calculated according to the equity increase (ie, new equity rate) from the end of the 2010 fiscal year, multiplied by a rate determined annually.

Changes to withholding and substitute tax on financial income
Italy | 03 October 2014

The government recently approved Decree-Law 66/2014, which introduced changes to the taxation of some types of financial income (ie, interest on loans, notes, capital gains and dividend incomes) effective as of July 1 2014, increasing the tax rate from 20% to 26%.

Stability Law brings changes for taxpayers
Italy | 28 February 2014

Parliament recently approved the Stability Law 2014. The law contains a number of significant measures affecting individual and corporate taxpayers, including an increase in notional interest rate deductions, introduction of the option for companies to step up the tax cost of business assets and new provisions on the deductibility of payments made under finance lease agreements.

New reimbursement and exemption forms introduced for withholding taxes
Italy | 11 October 2013

The Italian Revenue Agency recently approved new and revised forms to be used to claim for reimbursement of or exemption from Italian withholding taxes applicable to certain income of non-Italian residents. The agency also approved a standard certificate of tax residence to be filed by Italian residents with foreign tax authorities in order to obtain reimbursement of or exemption from foreign taxes.

Further clarification of participation exemption regime
Italy | 07 June 2013

Under the Income Tax Code, any capital gain derived by an Italian-resident company is 95% exempt from corporate income tax. Since the participation exemption regime was introduced, the tax authorities have often been asked to consider specific cases involving the residence and the business activity requirements. As a result, Circular Letter 7/E was recently issued to clarify such issues further.

Stability Law ushers in new tax provisions
Italy | 15 March 2013

Parliament recently approved the so-called 'Stability Law' for 2013. The law includes a number of significant measures affecting individual and corporate taxpayers. New provisions include an increase in value added tax, the reintroduction of an elective regime providing for a step-up in the tax basis for participation in unlisted 'revaluation' companies and the introduction of a financial transaction tax.

Saving Italy: tax breaks seek to support corporate taxpayers
Italy | 23 March 2012

In order to encourage corporate self-financing, the government has introduced the allowance for corporate equity, which enables companies to deduct an amount equal to the notional return on invested capital from their taxable income for income tax and corporation tax purposes. Further deductions are available for regional tax on production as an incentive to employers.

€54 billion austerity plan seeks to balance the books
Italy | 02 December 2011

Parliament recently approved an austerity package that aims to present a balanced budget for 2012. Its various provisions - with an estimated financial impact of €54 billion - include a number of significant measures for individual and corporate taxpayers. In particular, companies should be aware of new provisions on carry-forward rules, criminal penalties and dormant companies.

New clarification on white-list controlled foreign companies
Italy | 05 August 2011

Since 2010 Italy's controlled foreign company rules have applied to foreign subsidiaries that are established in whitelisted jurisdictions. The tax authorities have recently issued a circular which provides new guidelines on the application of the controlled foreign company rules to foreign companies in jurisdictions that are not tax havens.

Controversy over sham trusts and the 'look-through' rule
Italy | 01 April 2011

A circular from the tax authorities provides further details on the Italian tax treatment of trusts. It focuses on when an instrument will be considered a 'sham' trust and must be disregarded for income tax purposes. However, many tax experts have criticised the circular for its basis in a misleading interpretation of trust taxation rules and its disregard for general principles of Italian income tax law.

New REIT decree brings changes for non-resident investors
Italy | 19 November 2010

New legislation has been published which introduces changes to the tax system in respect of real estate investment trusts (REITs). The new provisions are intended to prevent the real estate fund structure from being abused as a vehicle for private investment by a single entrepreneur. They also modify the favourable tax regime for non-resident investors in Italian REITs.

New rules on VAT set-off
Italy | 19 February 2010

New rules have been introduced on offsetting value-added tax credits against corporation tax, regional income tax and social security contributions. Taxpayers wishing to offset a credit of over €15,000 must have the return confirmed by an authorized professional. For companies subject to the mandatory audit procedure under Article 2409(2) of the Civil Code, the return can be signed by the auditors.

Tax Amnesty Allows Regularization of Undisclosed Foreign Assets and Activities
Italy | 16 October 2009

The government has enacted a new tax measure to allow Italian individuals and partnerships to repatriate foreign assets held abroad illegally and to regularize foreign operations. A legislative amendment introduces an extraordinary tax on financial activities and assets - including money, shares, bonds, offshore assets, real estate and works of art.

Fiscal Changes for Start-Up Capital Gains, Interest Expenses and Real Estate Funds
Italy | 03 October 2008

A new law has made wide-ranging changes to the tax system that particularly affect new companies, banks, insurance companies and real estate investment funds. Among other measures, it introduces a rollover exemption system for start-up capital gains realized on qualified and non-qualified participations.

Budget 2008 Overhauls Corporate and Regional Income Tax
Italy | 02 May 2008

The government's report on the 2008 Budget includes significant changes to the tax system, particularly with respect to corporate income tax and regional income tax. This update reviews the new provisions in these and other areas, including interest expenses, tax consolidation and accounting standards.

Early Repayment Option on Loans Does Not Affect Favourable Tax Regime
Italy | 06 July 2007

The tax authorities have recently revised their position on the early repayment of medium and long-term loans, returning to the position held before 2006. Ordinary transfer taxes are not levied on bank loans with a term of over 18 months and a more favourable substitute tax at 0.25% of the loan applies, regardless of whether the borrower has the right to repay the loan before the end of the 18-month period.

Private Client & Offshore Services

Taxation of income transferred to Italian beneficiaries from non-EU resident trusts
Italy | 28 November 2019

Since the introduction of provisions to the Income Tax Code aimed at regulating the taxation of trusts and related beneficiaries, the tax treatment applicable to income distribution from foreign opaque trusts has not been clarified by law. A new decree law has filled this legal void by providing for a new class of 'financial income', represented by income paid to Italian resident beneficiaries by non-EU trusts established in low-tax jurisdictions.