A specialist tax and legal firm with over 20 years of experience advising Spanish and international multinational groups in Italy. Transfer pricing, permanent establishment, VAT, Pillar Two and tax litigation — one trusted adviser for all your Italian tax needs.
Studio Giacalone is a multidisciplinary tax and legal practice with offices in Gallarate, Milan and Varese. For over twenty years we have advised multinational groups — principally Spanish and German — that operate or invest in the Italian market, serving as their trusted point of reference for all Italian and international tax matters.
Unlike the large international firms, our agile structure enables us to deliver fast, well-considered responses at competitive fees, with a direct and continuous relationship with the professionals handling your file. There are no layers of associates: your contact is always the same partner-level adviser.
We maintain structured relationships with correspondent firms in Spain, Germany and the UK, ensuring coordinated support on cross-border transactions and an up-to-date view of both the Italian and Spanish tax systems.
We manage all tax and accounting obligations of your Italian subsidiaries: corporate income tax (IRES), regional tax (IRAP), VAT, CU, electronic invoicing (SDI), and all filings with the Italian Revenue Agency. You focus on the business.
Annual preparation and update of transfer pricing documentation pursuant to D.M. 14/05/2018 and the OECD Guidelines, including access to the Italian penalty exemption. Comparability analysis and benchmarking using ORBIS/AMADEUS databases.
Assessment of whether a material or dependent agent permanent establishment exists in Italy for the foreign parent. Optimal legal structuring and risk management for commissionnaire arrangements, dependent agents and construction sites.
Assistance with the GloBE Information Return (GIR) for groups with revenues ≥ €750m, effective tax rate calculations by jurisdiction, top-up tax simulations, and coordination with the parent group treasury and tax functions.
Application of the Italy–Spain Double Tax Convention (signed Madrid, 8.9.1977). Optimal management of withholding taxes on dividends (15%/10%), interest (12%) and royalties (8%). Foreign tax refund procedures and MAP applications.
Full assistance from the opening of a tax audit (Guardia di Finanza or Revenue Agency) through to tax litigation. Specific expertise in transfer pricing challenges, permanent establishment disputes and reverse charge contestations.
Transfer pricing is the area of greatest tax exposure for international groups with subsidiaries in Italy. Robust documentation is not merely a compliance exercise — it is the primary shield against an audit by the Italian Revenue Agency or the Guardia di Finanza.
Legislative Decree 209/2023 transposed EU Directive 2022/2523, introducing Italy's top-up tax for groups with revenues ≥ €750m. Where the Effective Tax Rate (ETR) in a jurisdiction falls below 15%, a top-up tax applies to close the gap. First relevant period: financial years beginning on or after 31 December 2023 (first calendar year: 2024).
The Ministerial Decree of 16/10/2025 sets out the filing requirements for the GloBE Information Return (GIR) with the Italian Revenue Agency. All Italian entities within a Pillar Two group must comply. Deadline: 15 months from financial year-end (18 months for the first year).
Revenue Agency Provision n. 46523 of 6 February 2026 approved the annual tax return model (art. 53 Legislative Decree 209/2023) for the QDMTT, IIR and UTPR top-up taxes. For FY2024 (calendar year), the full compliance package must be completed by 30 June 2026.
The Italian entity must still submit a Notification to the Italian Revenue Agency identifying the designated entity for the GIR, unless the automatic exchange mechanism between the AEAT and the Italian Revenue Agency under DAC 9 / the MCAA-GloBE applies. We assist international groups in determining which configuration applies to their specific structure and in preparing all required documentation.
One of the most critical issues for international groups operating in Italy without a formally incorporated company — or that have a subsidiary but with personnel carrying out activities that go beyond the subsidiary's scope — is the risk of an undisclosed permanent establishment.
The consequences can be severe: IRES and IRAP on income attributable to the PE, non-deductible VAT, penalties and interest. Early prevention and sound structuring are essential.
The best defence begins before the Guardia di Finanza arrives. We build with the client a comprehensive defence file: certified TP documentation, residual risk analysis, internal memoranda and appropriately evidenced transfer prices.
We manage all interactions with the Guardia di Finanza and the Revenue Agency throughout the entire audit: from document production to observations on the audit report (PVC). Every response to inspectors is strategically calibrated.
Upon notification of the tax assessment, we evaluate the optimal strategy: accession agreement (with reduction of penalties to one-third), tax mediation for amounts up to €50,000, or appeal to the Tax Court.
Where no settlement is reached, we represent the client in tax litigation at all levels: Tax Court of Justice (first and second instance) and the Corte di Cassazione (Supreme Court).
The Italian Supreme Court has established that OECD transfer pricing recommendations do not carry binding normative force in Italy: they constitute useful technical instruments for harmonising tax rules, but do not establish a rigid hierarchy among methods. The Revenue Agency may apply the most appropriate method on the specific facts with adequate reasoning, even overriding the taxpayer's chosen methodology. This ruling requires companies to strengthen the technical justification of their TP methodology in their documentation, as mere formal compliance with the OECD Guidelines will no longer suffice as a complete defence.
We understand both Italian and Spanish tax law and can engage with both the Italian Revenue Agency and the Spanish AEAT, coordinating both perspectives in cross-border transactions. Your CFOs and Tax Directors can rely on us for coherent, comparable analysis across the two tax systems — in English, Spanish or Italian.
Signed in Madrid on 8.9.1977. Optimal management of dividends (15%/10%), interest (12%), royalties (8%) and capital gains. Mutual Agreement Procedures (MAP) for resolving disputes between the two tax authorities.
VAT management for transactions between the Italian subsidiary and the foreign parent: intra-EU supplies, services (art. 7-ter DPR 633/72), reverse charge on services purchased from EU suppliers.
Tax structuring of foreign investments into Italy: choice of legal form, tax due diligence, SPA, earn-outs, intercompany financing and branch exemption (art. 168-ter TUIR).
Every tax situation is unique. We offer a complimentary initial meeting to understand your structure and propose the most appropriate solutions. We respond in English, Italian and Spanish.