GgoogleIT first seen 9 h ago, last 6 h ago, peak #1
Italy's top court: 8% tax on parental bank transfers without formal gift
Original: bonifico
Italy's Court of Cassation has ruled that money sent by parents to children via bank transfer, without a formal deed of donation, can be subject to an 8% gift tax. The decision is drawing wide attention in Italy, with commentators warning that ordinary family transfers may now face taxation unless properly documented as donations.
Why now: A Supreme Court ruling means everyday money transfers between parents and children can be taxed, affecting many families.
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