With Decree no.1 of January 20 2012 (Liberalisation Decree), Italy modified its exit tax regulation in accordance with the principles contained in National Grid Indus case. Under the new rule, companies resident for tax purposes in Italy which transfer their registered office to either an EU member state, Iceland, Liechtenstein or Norway can now opt, subject to certain conditions, for a deferral of the payment of the tax due on unrealised gains.
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Where a TP study of comparables produces an arm’s-length range, and the taxpayer’s filed position is outside that range, HMRC will adjust to the median by default