Italy vs Puerto Rico

24

37.5 (i.e. 18.5% plus an additional tax of 19% on income over $275,000).

By the end of the 10th month after the end of the tax year.

Regular companies - within the first 15 days of the fourth month after the end of their tax year. Tax-exempt businesses - within the first 15 days of the sixth month after the end of the tax year.

The last day of the sixth month after the end of the tax year.

Regular companies - within the first 15 days of the fourth month after the end of their tax year. Tax-exempt businesses - within the first 15 days of the sixth month after the end of the tax year.

Advance payment: 1) Pay 40% on the last day of the sixth month after the end of the tax year, 2) Pay 60% at the end of the eleventh month after the end of the tax year. Taxpayers subject to the ISA reliability indices pay 50% in each instalment.

Ordinary companies - equal installment payments on the 15th day of the fourth, sixth, ninth, and twelfth months of the company's tax year. Tax-exempt businesses - the first and second installments can be jointly paid on the 15th day of the sixth month of the company's tax year.

0-26/0-26/0-20

26/26/30

10/29/29

22

11.5

Capital gains are subject to the normal corporate income tax rate. A gain on a shareholding realised by a company is exempt as to 95% of its amount where four cumulative conditions are met: uninterrupted possession from the first day of the twelfth month before the disposal; classification among financial fixed assets in the first balance sheet closed during the holding period; the participated company not being resident or located in a preferential tax regime, that condition holding uninterruptedly for the period the statute requires; and the participated company carrying on a commercial enterprise, which is conclusively presumed absent where its assets consist mainly of property not used in its own business, and which must have been satisfied from the beginning of the third tax period before the disposal. The remaining 5% of the gain is taxed as business income.

20

21.18%

-22.74%