Italian Govt. applies tax on foreigners' properties abroad; Romanians to pay tax on home properties

Romanians who oficially live and work in Italy will pay an extra tax to the Italian Government on their properties in Romania, the Italian executive has decided. This measure applies to all foreigners in Italy who have the Italian residency. The tax stays at 0.76 percent of the price paid for the property abroad, minus the tax already paid to the government in the home country – in this case Romania. Romanians will have to declare their properties in Romania, even if these properties don't bring them any revenues. It is unclear however how will the Italian Government get information on foreigners' properties abroad and on the taxes they already paid in their home country, should they choose not to disclose the info.

There are around 350,000 Romanians working officially in Italy. The Italian executive opened its labor market for Romanians at the beginning of 2012. More about Italy's planned budget and fiscal changes here. editor@romania-insider.com (photo source: sxc.hu)