Italy’s government announced a tax increase for high earners who recently moved from abroad, doubling the flat tax on foreign income from €100,000 to €200,000 annually.
Introduced in 2017 to attract wealthy individuals, the tax applies for a maximum of 15 years in place of other taxes, with over 1,100 super-rich individuals relocating to Italy since then.
Economy Minister Giancarlo Giorgetti emphasized the need for countries to avoid a race to the bottom in tax rates for high-net-worth individuals, highlighting ongoing global discussions on taxing the super-rich.
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