Italy

Country information

Continent Europe
GDP (2012 est.) $1.813 trillion (2012 est.)
Currency & Exchange Rate euros (EUR) per US dollar 0.78
Dialling Code
+39

Exploration & Production Companies

Anonima Petroli Italiana, Edison, Eni

International Tax Regime

Residential taxation: foreigners taxed on local income; residents taxed on local and overseas income.

Witholding Tax

Crude oil - production(bbl/day) 154,500
Crude oil - exports(bbl/day) 6,300
Crude oil - imports(bbl/day) 1,591,000
Crude oil - proved reserves(bbl) 521,300,000
Refined petroleum products - production(bbl/day) 1,887,000
Refined petroleum products - consumption(bbl/day) 1,454,000
Natural gas - production(cu m) 8,605,000,000
Natural gas - proved reserves(cu m) 62,350,000,000

Social Security

Residents and non-residents working in Italy are required to pay social security contributions on their gross salary in Italy or in the country of their employer after an E101 has been issued.

  • average 30% for employers on gross earnings,
  • average 10% for employees on gross earnings.

Income Tax Rates

  • 23% for the first EUR 15’000
  • 27% from EUR 15’001 to EUR 28’000
  • 38% from EUR 28’001 to EUR 55’000
  • 41% from EUR 55’001 to EUR 75’000
  • 43% on excess over EUR 75’001
  • There are additional regional (0.9 to 1.4%) and municipal (0 to 0.8%) taxes.

Individuals Are Regarded as Tax Residents If

Registered with civil registry or habitual abode is there.

Climate

Predominantly Mediterranean; Alpine in far north; hot, dry in south.

Location

Southern Europe, a peninsula extending into the central Mediterranean Sea, northeast of Tunisia.

CCL Country Manager

Contact Details

Name:

Direct:

Email:

LinkedIn:

Jordan Blake

+44 (0) 208 333 4154

jordan.blake@cclglobal.com

 

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