Introduction
International Tax Planning: international tax planning represents a fundamental strategic lever for businesses operating in global markets. However, the regulatory framework is evolving rapidly and requires an increasingly sophisticated approach.
Regulatory Context: BEPS 2.0 and the ATAD Directive
BEPS 2.0 and Global Minimum Tax
The implementation of Pillar Two of the BEPS initiative introduces a global minimum tax of 15% for multinationals with revenues exceeding EUR 750 million. This radically changes traditional tax planning strategies.
ATAD Directive
The Anti-Tax Avoidance Directive introduces:
- Restrictions on interest deductibility
- Exit taxation
- Strengthened CFC rules
- General anti-abuse rules
Legitimate Strategies
Holding Company
Structuring through holding companies can still offer significant advantages, provided there is genuine economic substance:
- Presence of qualified staff
- Effective decision-making processes
- Adequate infrastructure
Intellectual Property
Intellectual property management remains an area of opportunity, with particular attention to:
- Patent Box regimes still in force
- Location of R&D activities
- Intra-group licensing agreements
Intra-group Financing
Financing structures must comply with:
- The arm's length principle for interest rates
- Thin capitalisation rules
- Transfer pricing documentation requirements
Risks to Avoid
Abusive Schemes
The tax authorities are increasingly focused on challenging structures lacking economic substance. The risks include:
- Tax assessments for abuse of law
- Administrative penalties
- Criminal consequences in the most serious cases
Reputational Risks
Publicity surrounding aggressive tax schemes entails significant reputational risks for listed businesses or those with substantial media exposure.
Conclusions
The Firm Marzo Associati offers specialist advice on international taxation, supporting businesses in defining efficient and compliant tax strategies.
