Browsing Category: "italian economy"

Italy sinking

Italy sinking

ROME, ITALY - NOVEMBER 18: Prime Minister Desi...

Image by Getty Images via @daylife

Apart from the obvious pun of the cruise ship Costa Concordia which crashed last Friday off the Tuscan coast near the island of Giglio near Grosetto, Tuscany, one wonders economically and socially is Italy sinking ?

Is it time to jump the boat before been left last man onboard to turn the lights out like captain Schettino did ?

Not covered by the international media but last week Sicily came to a grinding holt. A strike by lorry drivers blocking motorways and principal transport routes started last weekend, by Thursday the supermarket shelves were empty, petrol stations dried up, stores without supplies and okay life is slow here, but last week it was scary. It felt if though Sicily had literally stopped functioning.

Amazingly seasonal, zero mile supplies became popular like once upon a time. Prices though shot throw the roof, even the black economy benefitted with under the counter sales of scare products. There was even rumours the mafia was starting to get involved (if not already) controlling market prices.

Personally i was without petrol, not even enough to get to the airport in case of an emergency departure. I felt trapped. At least the cash machines worked in case a shop had some supplies. Ok it only lasted till Saturday, probably because the mums told their lorry driver sons to get back to work as their food supplies dried up for Sunday lunch…but even now Tuesday shops, stores, supermarkets are only just starting to stock up. With people now panic buying in case of a repeat strike, those few supplies arriving are quickly disappearing. Fortunately today i managed to find a petrol station with petrol, so i feel safer.

But worse the strike is now rolling out across the mainland. From north to south from Milan to Puglia roads blocked, lorries not delivery, live & fresh stock reaching sell by date, queues at petrol stations starting to form and some gas stations already dry. Even a protestor has been killed by a German lorry driver.

This is the people’s revolution against Mario Monti austerity reforms. Monti euro technocrat probably appointed by world banks to control their interests. With property tax on owner’s primary residence been reintroduced after 5 years, increases of VAT, redundancy growing, tax evasion been stamped on, from liberation of Chinese walled markets like taxis, chemists, notarys and more….the population have had enough and the Italian revolution has started and is Italy sinking ?

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Berlusconi resigns Italy

Finally after the pressure in the Eurozone and outside observors piling on the pressure it finally looks like Berlusconi is to quit. After an afternoon meeting with Napolitano the president he had planned to have another confidence vote in parliament (his 55th) but after today when he didn’t get a majority on the austerity plans (though they won) it looks like another confidence vote would fail so prudently he is planning to step down but without a fight.

Italy soverign debt rating cut by Standard & Poor SP Italian

Italy debt rating cut by S&P from A+ to A. It was inevitable, with Berlusconi’s lack of seriousness in addressing the EUro crisi issue quickly and professionally… whilst he is popping in and out of court under various allegations involving prostitution, bribes and corruption…finally the outside world moves against him and the Italian economy, as domestically little is resolved as many Italians still admire him for been so “machio”.


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Wikileaks Berlusconi Italy Putin

Wikileaks Berlusconi Italy Putin

Wikileaks finally managed to publish much awaited documents and reports today. Our interest here in Italy is what they have to say about Berlusconi.

In a period when Berlusconi’s reign is “leaking” it will be interesting to see how the Italian and international media pick up on his relationship with the Russian president Putin and whether he really is the western european spokesman with Russia, as suggested by Hilary Clinton.

Berlusconi’s control of Italy is slipping and any other western European prime minister would have walked months if not years ago. What with affairs with Ruby and B’s taste for young girls, Fini walking out of his government, EU threatening fines for Naples refuge collection (or lack of) chaos, B’s x-senator Ulti been accused of been the middleman between the mafia Casa Nostra and B….any normal society would have expected his resignation ages ago. But NO Berlusconi continues to walk tall, in a promiscuous society that admires his manhood….as he said “better to like girls than be gay”….in a society where the students appear to have fun marching the streets for education reforms and viewers that are still fixated with Big Brother and only recently in the Italian BB11 they are still sending in girlfriends  of contestants to challenge on screen affairs….yet the press doesn’t even talk about Dolce & Gabbana’s massive multi million tax evasion fraud…probably because they have massive advertising budgets with both TV’s and the press…would that be Berlusconi’s TV and media monopoly by any chance ??….all added up it makes that loveable Italy that i choose to live in.

But what will happen with the latest Wikileaks….will the left attack Berlusconi for his Russian friendship…or has he a more international role than is portrayed…it will be an interesting week to follow.

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Italian Limited company SRL

Italian Limited company SRL

Further to recent investigations regarding using a UK limited liability company with registered branches in Italy or setting up an independent Italian corporate identity i would like to further discuss the Italian limited liability company known in Italy as SRL (Società a responsabilità limitata), literally translated as “company with limited responsibility.” And similar to a UK ltd company.

For those of you considering DIY restoration of your Italian property, there are certain options. Read the rest of this entry »

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Italy SRL v UK Ltd in Italy

I am doing some research into opening an Italian branch of a UK Ltd business. The italian branch will operate locally and employ italians. A new SRL (italian limited company) is 1 obvious option but I am interested to hear if anyone has used ONLY their UK Ltd company corporate structure to operate in Italy and con share their experience about either of the following italian solutions a) opened a “sedi secondarie” a full secondary head office which should be registered in the “Registre Imprese” Camera di Commercio (Italian Chambers of Commerce) OR  b) opened a “unità locali” like a small office which only needs registering at the “REA Repertorio economico e amministrativo” (sub category of “Registre Imprese”).
Please outline :
A: Difference between a) or b).
B: Costs of solution a) or b).
C: Benefits : tax& operational of a) and/or b) compared to the SRL option
Please focus on the corporate structure and tax issues. This is not a question about employment in italy or INPS or INAIL in Italy.

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Income Tax Italy IRPEF

Income Tax Italy IRPEF

I was just advising some clients about income tax on the rental income for thier italian property and thought you may wish to know the personal income tax rates in italy, locally know as IRPEF :-)

There is no tax free income. The following is for income raised during the financial year 2009 upto 31/12/09. In Italy the tax year is the same as the calender year.Tax returns on the Mod 1 due 31.5.10.

First 15,000 euros taxed at 23%

Further income from 15000 – 28000 taxed at 27%

Further income from 28000 – 55,000 taxed at 38%

Further income from 55000 – 75000 taxed at 41%

Anything above 75000 taxed at 43%

So an income in Italy  of 100,000 euros would result in an italian tax bill of






For a total tax bill of 3450+3510+10260+8200+10750=36170

Thats 36.1% italy income tax IRPEF on a 100,000 italian income…How does that rate to your countries income tax rate…post comments to let us know.

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Italian mortgage Barclays

Italian mortgage for the purchase of a property in Italy is available to non resident citizens with Barclays Bank. A maximum of 70% LTV is available.

Italian property in need of restoration can also attract finance with an Italian Restoration mortgage for a maximum of the higher between 70% of the restored house’s value or 70% of the restoration costs.

If you plan to buy a house in Italy and you require further information on current fixed/variable mortgage rates email MIPC for our Italian mortgage datasheet.

Yesterday the British bank Barclays made an improved offer of 540 million euros (804.6 million dollars) for 135 branches of Italian Banca Monte dei Paschi di Siena (BMPS).

This expansion by Barclays despite the crisis saw Barclays offer about four million euros per branch office, an increase from 2.5 million euros proposed a year ago.

Barclays is unusual among European banks in that it is expanding. Last year it picked up cheaply the North American activities of failed US investment banking giant Lehman Brothers and now appears particularly interested in southern Europe.

Trapani (Birgi) Airport TPS Sicily

Trapani (Birgi) Airport TPS Sicily

Updated summer 2011.

Trapani airport (TPS) is fastly expanding and becoming the gateway to south west sicily, Trapani, Marsala, Salemi, Scopello, Segesta and the Egadi Islands. Historically a military airport. With Ryanair operating flights from here since last year, the airport has transformed Read the rest of this entry »

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Fiat General Motors (GM) Europe, UK Vauxhall, Opel

Fiat General Motors (GM) Europe, UK Vauxhall, Opel.

First Fiat last week announced the takeover at Chrysler….Now in a dramatic weekend of negotiations yesterday the Fiat (Italy) chairman Luca Corderodi di Montezemolo announced that Fiat is in negotiations with General Motors (Europe) the owners of Opel (Germany) and Vauxhall (UK) and Saab (Sweden) with the intentions Read the rest of this entry »

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