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From a tax, regulatory and accounting perspective, Allen & Overy offers integrated solutions in complex corporate, financial and real estate tax transactions. It continues to broaden its coverage of assistance in fund regulation, UCITS, AIFMs, and regulatory capital, as well as in accounting and transfer pricing issues relating to financial institutions and funds on complex, market-first issuances by Italian companies and financial institutions. It is known for expertise in the banking and structured finance sectors. Francesco Guelfi, a partner, and Elia Clarizia, a counsel, serve as the team's joint leaders.
During the research phase, the firm provided tax advice to Toyota Financial Services Italia in connection with Toyota's first Italian hybrid and electric vehicle loan securitisation. The team also provided guidance to the lead managers Intesa Sanpaolo and UniCredit, who coordinated and oversaw the placement and guarantee of a syndicate of banks regarding the tax implications of the first sustainability-linked bond issued by Eni, that was marketed to Italian retail investors.
With offices in Milan, Rome, Turin, Venice and Brescia, Andersen in Italy employs more than 113 professionals. They support clients in transactional tax, M&A, and international real estate. They also keep a close eye on trends and changes in the worldwide tax environment, offering clients early risk management and proactive decision-making support. The group is led by Maricla Pennesi, head of tax for Europe and Italy.
The firm assisted FCA Bank, the captive bank of the Stellantis group, in restructuring its German and Spanish subsidiaries. As a global advisor, the team advised the Consulting Automotive Aerospace Railway (CAAR) group to lease the business divisions of Turin-based CAAR and Bolzano-based STI to Star7, a provider of content and product information.
Client feedback
“Speed, proactivity, value for money.”
“Very diligent, very adequate responses to our queries and great technical preparation. Very good personal treatment.”
“They are very competent and attentive to our company.”
“Business oriented, technically competent and a strong network.”
“Huge know how in M&A financial and tax due diligence, transfer price policy, tax controversy, tax corporate policy.”
“The outcome of their diligent work and understanding of my needs resulted us being totally pleased with the whole process.”
The real estate, M&A, financial transactions, transfer pricing, litigation, and VAT practises of Ashurst are well-known in Italy. The tax team works with a variety of clients, including Italian and foreign banks, investment firms, and insurance companies. Michele Milanese, a partner, is a central member of the team.
During the research period, the team served as the tax and legal advisor for structuring the transaction carried out by EnergeaLBO, the infrastructure team of LBO France, and connected with the launch on the Italian market of the VITA Superbonus programme. As a lender in the deal, Intesa Sanpaolo was also given advice by the Ashurst team.
Client feedback
“Attention to the needs of our company. Respect of deadlines.”
“Deep analysis of the case.Effective strategy, pondering the alternatives.”
In addition to its expertise in tax dispute resolution and transfer pricing, Baker McKenzie's tax department is highly regarded for its proficiency in M&A transactions, indirect tax, and general corporate tax, with 19 specialists within the Italian tax practice group. Counsel Pamela Floriani is in charge of the VAT and customs group.
Recently the firm assisted idealista Group, a Spanish real estate portal operator in its expansion in Italy through acquisition. The team also advised Caterpillar Hydraulics Italia, a construction equipment manufacturer, in the sale of an Italian business.
During the research period tax counsel Pamela Floriani and transfer pricing associate Stefano Romano joined the team.
Belluzzo International Partners, with over 100 professionals in Italy, UK, Singapore, Switzerland, and United Arab Emirates. The Italian market is serviced by offices in Milan, Verona, and Rome. The firm was founded by Luigi Belluzzo who leads the Italian desk in London and chairs the Boards of the Swiss and Italian offices. The firm has strong leadership in Daniele Carlo Trivi, an equity partner with over 30 years’ experience and Alessandro Saini, an equity partner with over 20 years’ experience. Partners Lorena Pellissier and Paola Bergamin play key roles in leading the Italian team’s work. In 2024 the firm joined Boks International, a global alliance of expert firms with over 100 members spanning 70 jurisdictions worldwide.
During the research period the firm provided an assessment and tax opinion for IREN on a series of planned investments with cross-border concerns. The firm also provided complex tax advice to Europea Servizi Terminialistici on their acquisition by ISLA.
Client feedback
“Excellence knowledge and skills”
“This firm stands out for its exceptional expertise in wealth advisory, offering tailored strategies that consistently meet the sophisticated needs of private clients.”
“Consultancy provided, whenever necessary, is always at a high level. The assistance and support received in analysing any tax related question or matter is valid and aimed to finding the best solution/application for our needs. The business relationship with the current firm is ongoing since many years and we have not had the need to find others, since the service received so far has always met our expectations.”
A broad range of business tax advice services, including tax litigation, compliance, M&A, domestic and international concerns, tax credits and incentives, transfer pricing and real estate are offered by the tax department at Bird & Bird, which is a part of an international and fully integrated tax group. The company, which has nine tax experts, is led by partner Gaetano Salvioli.
The firm helped Lundbeck Italia with the submission of a tax ruling request on VAT with regard to repayment of specialised pharmaceuticals. Additionally, the team offered Energy Zukunft Schweiz guidance in order to set up the Italian holding and operational structure.
Federica Cioni, an associate from Studio Biscozzi Nobili Piazza-Legale Tributario, joined the company during the research period, while associate Michele Chiumarulo left to join the CNH Iveco Group.
Client feedback
“They propose innovative solutions, also demonstrating a good understanding of the industry we operate in. The solutions they propose show a sound knowledge of the legal framework, since they always consider the most recent interpretation as well as the upcoming legislative news (at both national and international [where relevant] levels). The team is well structured and fast in reacting, especially in case of urgent matters. We appreciated the fact that the dedicated team has been quite stable, and that partner and senior professionals have been actually involved. Moreover, they have a deal-oriented approach, which was very useful to overcome an impasse we recently had to deal with.”
Bonelli Erede is one of the premier tax and law firms in Italy. The tax department provides clients with services in the full scope of tax matters, including corporate tax, international tax, transfer pricing, restructuring, real estate, private client, cross-border M&A transactions, litigation, personal income tax and VAT. Partners Andrea Silvestri and Stefano Simontacchi are key individuals at the firm, supported by a team of around 40 professionals across two offices in Milan and Rome.
During the research phase, the firm assisted Crédit Agricole Consumer Finance, Crédit Agricole in the implementation of an agreement with Stellantis and FCA Italy to update the parties' automobile joint venture agreements. The team also assisted Engineering Ingegneria Informatica, a company indirectly controlled by the private equity funds Bain Capital and NB Renaissance, with the tax aspects of the selling partners Tamburi Investment Partners, Stefano Achermann and Carlo Achermann, respectively CEO and Chairman of Be, in the purchase of 43.2% of Be Shaping the Future, a company listed on the Euronext Star Milan segment of the Italian Stock Exchange.
Client feedback
“Very good technical skills and accurate analysis of the topics.”
Caravati Pagani is an independent professional firm founded in 1987 by partners Edoardo Caravati, Piero Pagani and Filippo Caravati. From offices in Northern Italy, the firm provides tax, corporate, business, and accounting guidance, providing certified professional services on tax matters not just to small/medium-sized firms, but also to large organisations and high net worth individuals.
During the research period, the firm aided Vision Group in preparing civil and tax compliance for the acquisition of 174 Essilux and GrandVision stores in Italy. The team also supported the Comifar Group with the tax aspects of the Admenta and Lloyds Farmacia acquisitions.
Simone Filiberti, a tax consultant, and Tina Bauce and Susanna Vialetto, both legal consultants, joined the firm during the research period.
Client feedback
“High technical competence; availability, precision, punctuality.”
Chiomenti is one of Italy's largest full-service legal firms, with five partners, two counsel, one managing counsel, seven senior associates, and 27 associates. Raul-Angelo Papotti, partner and head of tax, is a major figure at the firm. Corporate tax advice, cross-border M&A transactions, real estate, transfer pricing, private client, personal income tax, international tax, indirect tax and litigation are all areas of expertise for the team.
During the research period, the firm advised the Flutter Entertainment Group, a global supplier of sports betting, gaming and entertainment, on the €2 billion purchase of the Italian gambling operator Sisal from CVC. Full Fortune Wealth was also advised by the team on tax structuring in connection with the sale of footwear brand HeyDude to US conglomerate Crocs.
Raffaele Russo joined the team from the Italian Ministry of Finance during the research period.
Magic circle firm Clifford Chance has a highly regarded tax team, advising clients on domestic tax matters and assisting with international tax advice. The Italian tax team is led by partner Carlo Galli, who is supported by a team of senior associates and associates. The main capabilities of the team include transactions, M&A, tax structuring, real estate, audit and tax litigation disputes.
During the research phase, the firm advised on the tax considerations of a strategic investment from Starwood Capital Group controlled affiliates in DoveVivo, the largest European co-living platform company, consisting of the subscription of a minority ownership of 22% in DoveVivo. In addition, the team advised a consortium of joint bookrunners on tax issues related to Enel's 1.75 billion hybrid bond offering.
De Berti Jacchia Franchini Forlani is a full-service Italian legal practise with an in-house tax team that assists in all aspects of taxation. Angela Valente is a key member of the tax team, consisting of two partners and seven non-partners and specialises in transfer pricing, tax structuring, M&A transactions, international tax, corporate tax, VAT, litigation and high-net-worth individuals.
Case studies show that the firm recently assisted in implementing the transfer pricing policy of a major bank’s PE in Italy. It also helped a major industrial group implement a valorisation strategy of IP assets under the Patent Box regime to benefit from the grants provided by Italian legislation for high-profile Patent Box projects.
Francesco Martinelli recently joined the firm from University Federico II Naples.
Client feedback
“Great subject knowledge and provide us a big support on transfer profit documentations.”
Dentons has a significant presence in the Italian tax sector, with three partners focused on cross-border investment structures, private clients, M&A transactions, tax structuring, real estate, compliance and tax litigation. Andrea Fiorelli, who specialises in business and financial transaction tax, leads the firm's tax department. He is assisted by a staff of 13 people, including three partners, one counsel and a team of associates.
During the research phase, the business aided CaixaBank with the tax aspects of its first Italian branch set up in Milan. The team also advised Motorola Solutions on the tax implications of its acquisition of Videotec, an Italian global provider of video security solutions.
Di Tanno Associati, founded in 1986, provides consultancy services based on financial acumen and corporate law integration. Transactional tax, tax controversy, real estate, litigation, private clients, corporate tax, international tax, tax planning and transfer pricing are all areas of expertise for the firm. Tommaso Di Tanno, the firm's founding partner, leads a team of 11 partners.
Case studies show that the firm assisted Vodafone Italia in its Supreme Court dispute against the Italian Tax Authority. The dispute centred on the calculation of the tax owed for the release of the revaluation credit balance, which was discernible in its ‘net’ book value. The team also represented Enel in a significant dispute with the Revenue Agency (the Italian tax authority) over the correct valuation of a wind farm's cadastral income before the Supreme Court.
Partners Raffaele Villa and Luca Marraffa joined the firm from CBA Studio Legale e Tributario and EY during the research period. At the same time, partner Paolo Serva departed the firm.
Client feedback
“Entrepreneurial mindset, thinks like an investor, solution oriented.”
“Strong commercial sense (thinks like an investor), ability to work independently with counterparties, great customer standing.”
“Di Tanno e Associati has great expertise and is able to effectively represent and defend the company in the pre-litigation phases and during the tax dispute.”
DLA Piper has an excellent Italian tax unit that specialises in tax and transfer pricing litigation. It also provides cross-border restructuring, audit, indirect tax, M&A, real estate and private client services to corporations and individuals. The Italian tax department is comprised of seven partners, including partner and tax department director Christian Montinari. A small team of roughly 27 specialists assists him and the other partners.
During the research phase, the business assisted Gruppo Macchia on the acquisition of the football team Potenza Calcio. The team was also instrumental in assisting Iliad with the negotiation, structuring, and implementation of a complicated JV arrangement with Wind-3.
Arianna Palmieri, tax director, joined the firm from Studio Escalar e Associati.
Eptalex has become highly specialised in corporate taxation, transfer pricing, real estate, and tax issues related to wealth planning and management. Chartered accountant and corporate tax specialist Carlo Garzia is a key individual at the firm.
Over the research period, the firm advised on several complex and high-profile tax matters. All clients remain confidential.
Associates Sonia Pesamosca and Carolina Braga joined the team in 2023, following the departure of associates Alice Amoruso and Alessia Copa.
Client feedback
“Good knowledge and availability.”
“Knowledge and problem-solving attitude.”
“They are always available, nice and skilled in their job.”
The transfer pricing team of EY Italy consists of approximately 70 dedicated professionals specialising in areas such as documentation, TP policy, audit, cross-border transactions, litigation and controversy, MAPs and APAs.
Over the research period, the firm has advised on several complex and high-profile tax matters. All clients remain confidential.
Facchini Rossi Michelutti Studio Legale Tributario, which has 35 members, offers specialised tax advice services in a variety of fields, including M&A, tax litigation, international taxes, corporate tax, tax planning and tax advisory. Francesco Facchini, a partner and tax specialist, is a major figure within the firm. Luca Rossi and Riccardo Michelutti, two other founding partners, assist him.
During the study period, the firm aided Exor with the tax audit undertaken by the Italian tax authorities regarding the transfer of tax residence from Italy to the Netherlands, as well as the tax settlement procedure. The team also assisted Valaris on a tax litigation and subsequent settlement of a tax claim involving withholding tax on royalties paid to a Luxembourg business by an Italian permanent establishment of a German corporation.
Lino Ziliotti of Allen & Overy and Lorenzo Carlo Cadei of KPMG joined the firm during the research period, while Associates Marco Masi and Alessandra Pellegrini left.
Client feedback
“Strong analytically, hands on, knowledgeable.”
“Thorough and precise review of a very obscure matter.”
“Competence, professionalism, proactivity and readiness, with a 360° view capability.”
“They study a lot and analyse all the possible alternatives before giving an advice, which is always respectful of the risks a client wants to reduce.”
FIVELEX Studio Legale e Tributario provides professional tax advice in a variety of disciplines, including transfer pricing, private client M&A, tax litigation, international taxes, corporate tax, tax planning and tax advisory. The three equity partners of the team are Francesco Mantegazza, Fabio Oneglia and Gianluca Pozzi.
During the research phase, the firm aided JP Morgan in the acquisition of a portfolio of properties in the Piazza San Babila neighbourhood of Milan. In addition, the team assisted the NEXT ESTATE INCOME FUND III fund, managed by BNP Paribas REIM Luxembourg, in the acquisition of a historic property in the heart of Milan, in Via Melzi d'Eril, close to Foro Buonaparte, Parco Sempione, and Arco della Pace, that was recently fully redeveloped in a digital and sustainability key, according to ESG criteria.
Client feedback
“Knowledge of the topic, negotiating approach.”
“Clear understanding of the business, simpler and long-term viable solution.”
“Strong professionals with solid know-how and negotiation skills.”
“Competent, prepared, quick and concrete.”
“Proactive, reliable, effective.”
“Comprehensive know how in the field and commercial capabilities. Strong commitment to the client and transaction.”
“Precise, accurate, problem-solving approach.”
“Very strong competences and problem-solving proactive attitude.”
“Professional and very competent advice.”
“Constancy, sharp, accurate.”
“Fivelex has a very pragmatic approach and deeply know the dynamics of the real estate sector both at investor and final customer levels.”
“Long experience and competence.”
“Closed to the business and solution oriented.”
“Professional people, close to the client, flexible and always available. Capable and competent. Pragmatic.”
Gitti & Partners - Studio Legale Associato provides expert tax guidance through a team of five specialists led by partners Diego De Francesco and Paolo ferrandi.
Throughout the research process, the firm advised the French private equity fund Adrian on the tax implications and structure of the biopharma group acquisition. The team also advised Jakala on the acquisition of H-Farm's consultancy business section.
Hager & Partners, with 110 professionals mainly in Bolzano and Milan, offers multidisciplinary advisory services across legal, tax, and strategic consulting. The firm supports clients in M&A, due diligence, real estate, tax controversy, and public fundraising, leveraging EU and national initiatives. Its legal department in Bolzano has over 10 experts. Through TP Advisory and TP & Funding Advisory, it specializes in transfer pricing, IP box regimes, and global expansion. Serving diverse industries, over half its clients are Italian entities of foreign-based groups, especially from Europe, the US, UK, and China, including listed companies and high net worth individuals.
During the research period, the firm assisted a German client during the tax audit and the pre-litigation phase. In addition, the team assisted the client in all the tax aspects related to the change of tax residence, based on the article 24-bis of the Italian Tax Code (recently changed), which encourages individuals (in this case individuals who have lived abroad for at least 9 out of the last 10 years before moving to Italy) to move to Italy and become resident here to obtain tax benefits.
Client Feedback
“Competence Fast. Specific. Tailored”
Alma LED is a leading Italian tax and legal advisory firm formed in June 2023 through the merger of LED Taxand and Alma STA. With around 80 professionals across Milan, Rome, and Luxembourg, it offers comprehensive services in tax, legal, and transactional matters. As Italy’s member of Taxand, it benefits from a global network of over 3,000 tax advisors. Alma LED is highly ranked in Fund Formation, FinTech, and other key sectors, and is known for its client-centric approach rooted in ESG values and long-term partnerships. Managing partner Alfredo Fossati is a key individual at the Firm.
During the research period, the firm assisted IREN S.p.A. in the acquisition of a 50% stake in the share capital of a Newco .In addition, the team advised Alto Partners SGR acquisition of Eurofiere.
Client Feedback
“Very comprehensive and pragmatic approach.”
The tax team at LifeCapital consists of 12 professionals, including four senior associates and eight associates. Specialist practice areas of the firm include general tax advisory, corporate accounting advisory and tax due diligence.
The team handled the merger and subsequent demerger of a corporation called Pro-Gest during the research period. The team also represented Quintano in a dispute started by the Italian tax authorities.
Nicole Albano, an associate from Andrea Briganti, joined the firm during the research period.
Client feedback
“LifeCapital is up-to-date, flexible, provides fast and detailed assistance and communication is never ambiguous.”
The tax team of Macchi di Cellere Gangemi is made up of approximately six specialists who specialise in complex international tax issues (including transfer pricing), complex tax audits and litigation, energy tax and environmental taxation, VAT and excise charges and private clients. It specialises in e-commerce, automotive, energy and information technology.
During the research period, the firm advised PayPal on the process of securing a bilateral advance pricing agreement between the Italian and Luxembourg tax authorities. The team also assisted VMware Italy with a tax audit and the filing of a ruling request regarding the potential presence of a permanent establishment in Italy and related remuneration for transfer pricing purposes.
Client feedback
“High professionalism, professional correctness, integrity, independence of judgement, preparation and speed of intervention.”
“Highly professional, great knowledge of the Italian tax system. Great knowledge of client business and as a result well placed to advise on tax planning and mitigating tax risk.”
Maisto e Associati is a leading Italian tax law firm with offices in Milan, Rome, and London. Founded in 1991, it comprises over 60 professionals, including 15 partners. The firm specializes in domestic and international tax, transfer pricing, litigation, M&A, and private client services. It serves multinational corporations, financial institutions, and high-net-worth individuals. Key partners include Guglielmo Maisto (Senior Partner), Marco Cerrato
During the research period, the firm has advised ITA Airways on the US$240 million private placement of three secured notes via an Irish vehicle to finance and refinance Airbus A330neo aircraft acquisitions, maturing in 2036.In addition, the team assisted the Company, one of the leading global players in the shipbuilding industry on its offering and listing of new shares resulting from a capital increase for a total maximum amount of €500 million.
Client Feedback
"Maisto e Associati consistently demonstrates exceptional speed, deep industry knowledge, and outstanding tax expertise."
"Their ability to engage with complex clients and topics reflects their high-level professionalism and strategic insight."
"The firm's strong network with tax authorities enhances their effectiveness in delivering practical, high-impact solutions."
Masotti Cassella is best known for its multidisciplinary approach, as evidenced by the presence of both lawyers and chartered accountants, who work in complete synergy to provide ongoing tax advice covering tax compliance services, corporation tax matters, VAT and indirect taxation, assisting on tax assessments, negotiations with tax authorities and tax litigation, and assisting several HWNI in their relocation to Italy under advantageous tax regimes.
During the research phase, the firm advised Pharmalex on the tax aspects and ramifications of acquiring 100% of the share capital in EBMA, a company involved in pharmaceutical consultancy, market access, pricing, and reimbursement strategies.
In February 2023, associate Marco Cervellera joined the firm.
Pavia e Ansaldo is a 60-year-old independent Italian legal practise with offices in Italy and overseas. With six offices in Milan, Rome, Turin, Moscow, Tokyo and Barcelona, as well as 23 specialised departments, seven international desks, and more than 130 lawyers and other professionals, it advises clients on all aspects of commercial law. Marco Jannon, partner, is a key member of the firm.
During the research period, the firm advised SUSI Partners on all elements of its joint venture with an Italian partner for the development of a pipeline of solar PV energy projects, including tax issues. In addition, it advised on the tax implications of ContourGlobal's first Italian Green Loan project closing.
Roberto Iaia, Of Counsel and head of tax litigation from Francesco Moschetti Law Firm, and Of Counsel Enrique Rebés Félix joined the firm during the research period.
Client feedback
“Very comprehensive due diligence in all the jurisdictions where the target company has legal entities.”
“Accuracy of the analysis and a proactive and clear approach to customer relations.”
“Full assistance, attention to details, responsibility, transparency.”
“High professional skills and knowledge on the characteristics of a private equity transaction.”
“Great professionalism and diligence.”
Pirola Pennuto Zei & Associati, founded in the 1970s, is one of Italy’s leading independent law firms, offering integrated tax and legal services to over 4,800 clients, including multinationals. With 600+ professionals across 10 Italian offices and independent offices in London and China, the firm specializes in M&A, real estate, finance, and cross-border transactions. Its strength lies in combining legal and tax expertise, supported by its corporate finance boutique, Pirola Corporate Finance. Equity Partner Nathalie Brazzelli leads the 460-strong tax team.
During the research period, the firm assisted provided tax assistance to Bain Capital in the acquisition of F.I.S. Fabbrica Italiana Sintetici, following a long and competitive auction process. In addition, the team provided tax assistance to Fiber Bidco and Fiber Midco of Fedrigoni Group with the issuance of two bonds.
Client Feedback
“Pirola Pennuto Zei & Associati consistently demonstrates great professionalism, accuracy, and completeness in documentation.”
“Their team provides highly proactive support and delivers services that not only meet expectations but also serve as a benchmark in the industry.”
PwC TLS Avvocati & Commercialisti is one of the largest tax firms in Italy, with more than 230 tax associates and 56 partners. The firm benefits from the global PwC network and deals with mainly international clients and international tax assistance, as well as advising multinationals on Italian tax law. Managing partner Marco Meulepas is a key individual at the firm.
Case studies show that the team represented Alitalia Airlines and Alitalia Servizi in a substantial tax dispute with the Italian Revenue Agency and the Italian Revenue-Collection Agency that spanned eight taxation years and contained claims totalling more than a billion euros. Furthermore, the team worked with Enel and Assicurazioni Generali to prepare the group tax transparency report.
KPMG's Tax and Legal practise is one of Italy's most significant professional organisations, with 500 professionals operating in 12 offices in key Italian cities. It is a member of the network of tax and legal practises connected with KPMG International Limited, and this affiliation allows its tax consultants and lawyers to use KPMG's global talents, methods, and best practises. KPMG’s transfer pricing practise in Italy is a diverse team of professionals comprised of economists, tax experts, and attorneys, with approximately 70 individuals fully committed to transfer pricing. Gianni De Robertis is an important member of the firm.
During the research period, the firm advised a large MNE commodities trader to define a global profit split mechanism to adequately reflect the contributions to value creation of all the parties involved in the business. In addition, the team assisted a primary Italian MNE group on full review of the transfer pricing policy of the newly acquired group.
Client Feedback
”Promptness in providing solutions.”
Biscozzi Nobili & Partners is a leading Italian tax and legal advisory firm formed in 1998 through the merger of Studio Biscozzi and Studio Nobili. It expanded further by absorbing Studio Piazza in 2019. Renamed in 2024, the firm specialises in tax advisory, litigation, corporate tax, M&A, banking, and finance. Led by Francesco Nobili, it serves major multinational corporations and UHNW individuals, collaborating with top global law firms and wealth management banks. Its partners hold board positions in prestigious companies and lecture at top universities. The firm is also the tax and legal partner of Elite, a Borsa Italiana initiative.
During the research period, the firm has advised Campari Group on the acquisition of the property located at Corso Europa 2 in Milan from BNP Paribas REIM. In addition, the team advised on the acquisition of Zenit International S.p.A. by Tsurumi Manufacturing Co., Ltd., providing essential legal, tax, and financial support throughout the transaction.
Client Feedback
"Very supportive, professional with great skills and problem-solving attitude."
The international, multidisciplinary Deloitte network supports the firm, with about 700 Tax professionals in 13 Italian cities (Bologna, Genova, Padova, Catania, Milano, Roma, Firenze, Napoli, Torino, Parma, Treviso, Varese, Bari) and desks in New York and Hong Kong, combining a broad range of professional experience with industry-specialist knowledge. As a result, STS Deloitte can provide its clients with advice and assistance on Italian matters and cross-border matters with a complete range of services, paying attention to the technical aspects. Stefano Mazzotti is a key individual at the company.
During the research period, the firm supported an Italian software firm in quantifying the advantage of the Patent Box. In addition, the team helped the Italian private equity group WISE on the sale of 100% of Tap to the international private equity firm Stirling Square Capital Partners.
Giovanni Battista Beccari, a manager from Studio Palazzo, and Luca Gasparrini, a director, joined the firm during the research period.
Studio Tributario Tognolo (STT) is led by partner Paolo Tognolo and the tax partner Francesco Spurio and counts on eight senior professionals with specialised skills in international taxation and transfer pricing. In addition, STT has technical expertise in DAC6 filing requirements, tax control framework, and cooperative compliance programs. It is also known for unilateral and bilateral procedures with the tax authorities, including advance pricing agreements, bilateral advance pricing agreements and mutual agreement procedures.
The firm assisted the Pirelli Group throughout the entire International Compliance Assurance Programme with the relevant authorities (Italy, Argentina, Austria, Belgium, France, Germany, Poland and Singapore), from the preparation of the main documentation package to be made available to the tax authorities, to the definition of the strategy and subsequent drafting of answers to the tax authorities' questionnaires on the group transfer prices. Furthermore, the team suggested and implemented the profit split formula to TAL Group, as well as represented the firm in the unilateral APA with the Italian competent tax authority.
Client feedback
“Expertise and collaboration.”
“Great Knowledge of the tax matter. Also, in the first call they understand the topic very well and can give you a good advice. Very formal and respecting the tax rule. Each document issue is filled very well in terms of comprehensiveness and relevance to the topic. Always available, in case the topic needs more study, there are different associates with different skills that can solve the topic in a team call. Very transparent with the customer.”
Tax Bridge STP S.r.l. is a boutique advisory firm founded in 2024 by Francesco Spurio, Vincenzo Zurzolo, and Rosa Biancolli. It specializes in international taxation, transfer pricing, tax control frameworks, and tax controversy. With deep expertise from the Revenue Agency, tax advisory, and economic consulting, the firm offers tailored, high-value services to large corporations and SMEs. Tax Bridge promotes cooperative compliance and sustainable solutions, aiming to bridge companies and tax authorities. Its flexible, people-centric work culture and industry focus—automotive, consumer goods, luxury, and healthcare—reflect its innovative approach. Two founders are recognized in the ITR World Tax 2024 rankings.
During the research period, the firm has assisted IVECO S.p.A., with multiple complex tax matters and involves relevant figures for vis-à-vis one of the most challenging regional offices within the Italian Revenue Agency. In addition , the team assisted Yusen Logistics (Italy) S.p.A. throughout the preparation of the transfer pricing documentation required in Italy.
Client Feedback
"Very comprehensive and pragmatic approach."
TPGS Group is a forward-thinking transfer pricing consultant with offices in Italy (Genova) and Luxembourg. TPGS is an independent company that assists international groups and professional service providers such as law firms, trust companies, and auditors in resolving their clients' transfer pricing challenges. Cristiano Bortolotti is the leader of the team.
During the research period, the firm aided a notable client in shipping services to the oil and gas commodities trade as it transitioned a portion of its operations from off-shore to on-shore.
Tremonti Romagnoli Piccardi e Associati is a top-tier Italian tax law firm with offices in Milan and Rome, comprising around 45 professionals. It offers expert consultancy and tax advisory services to domestic and international clients, specializing in corporate tax, M&A, group reorganizations, structured finance, real estate, litigation, transfer pricing, and wealth management. Managing partner Lorenzo Piccardi is a key individual at the firm.
During the research period, the firm assisted Longmarch Holding in the operation that enabled the shareholders Marco Tronchetti Provera & C., Camfin, Camfin Alternative Assets, Longmarch Holding and Longmarch Holding Hongkong to increase their stake in Pirelli & Co. In addition, the team successfully assisted a company in a tax litigation concerning tax credits on dividends received by an Italian subsidiary.
Client Feedback
” They have great experience; extensive knowledge and they take care of each case properly.”
” The team is always responding with the highest level of professionalism undeling all the potential risks and opportunities. The team is able to let its client take the best decisions with great awareness on all the implications of the choice.”
Valente Associati GEB Partners / Crowe Valente is a premier Italian firm offering legal, tax, transfer pricing, and strategic consulting services. A member of Crowe Global, the firm is known for its expertise in tax planning, litigation, corporate restructuring, and international taxation. With 70 professionals, including ex-Big 4 experts, it serves multinational corporations and SMEs. The firm is recognized for its strength in MAPs, APAs, and complex negotiations. Managing Partner Piergiorgio Valente is a leading authority in tax and governance at national and international levels.
During the research period, the firm provided comprehensive legal and tax representation in a highly complex €15 million transfer pricing dispute involving an Italian entity and two foreign-related entities. In addition, the firm played a critical role in a complex cross-border tax litigation, successfully advising and representing a multinational taxpayer in a dispute over 90% administrative penalties imposed due to missing contemporaneous transfer pricing documentation, despite a Mutual Agreement Procedure (MAP) settlement for the 2012–2014 tax years in Italy.
Client Feedback
”Fast. Specific. Tailored.”
WTS R&A Studio Tributario is a specialist tax consultancy serving Italian-based midsize multinationals and renowned foreign companies operating in Italy. With offices in Milan, Rome, Turin, and Verona, the firm focuses on cross-border operations, transfer pricing, supply chain advisory, corporate reorganizations, and tax treaty advice. Since January 2025, it expanded into Global Mobility and Employment Tax, led by Partner Maurizio Cicciù. The firm is strong in life sciences, engineering, biotech, and digital sectors, and actively advises on green taxation and Pillar Two. Partners are hands-on, ensuring high-quality service. Chiara Mejnardi is a key partner.
During the research period, the firm has assisted an industrial group during tax inspections and dispute resolution through pre-emptive agreements, including transfer pricing adjustments that reflect the interconnection between related-party and third-party transactions. In addition, the team assisted a Brazilian company on the acquisition, complexity of Brazilian implications, in particular with respect to transfer pricing (difficulty of identifying comparable in the Brazilian market) and impending entry into force of Pillar Two regulations.
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Belluzzo International Partners is an international, independent, and multidisciplinary professional boutique firm offering expert advice and assistance on all aspect of tax, legal, estate and succession planning.
Comprising 22 Partners and a team of more than 100 professionals, the firm operates across seven offices: Milan, Verona, and Rome (Italy); London (UK); Singapore; Lugano (Switzerland); and Abu Dhabi (UAE), supported by a strong network of international correspondents across all continents.
In July, it strengthened its UK legal presence with the launch of Belluzzo Lewis Smith, born from its evolving partnership with Phillips Lewis Smith. This rebranding marks a key step in the Group’s legal growth strategy, combining Belluzzo’s multidisciplinary expertise in Wealth, Law, Tax and Finance with Phillips Lewis Smith’s strengths in Litigation, Corporate and Commercial Law, Real Estate, Immigration, Employment and Family Law.
Committed to delivering tailored solutions, the firm leverages an innovative service model, effective strategies, and a deep understanding of clients’ needs. Its organizational structure prioritizes strong relationships between Clients and Partners. Professionals are highly skilled in their fields, and many are qualified to practise in multiple jurisdictions.
Staying at the forefront of global tax and legal policy developments, the firm actively engages in research and contributes regularly to national and international publications. Many Partners also serve as professors and lecturers in leading universities, helping shape thinking across the industry.
Guided by its core values of merit and foresight, Belluzzo International Partners is recognized for its high level of expertise and know-how in international wealth and tax advisory. Its services span domestic and cross-border matters, direct and indirect taxation, with a particular focus on Trust & Estate planning, M&A transactions, Tax & International compliance, tax litigation, and VAT. Clients include private individuals, family businesses, corporations, investment firms, banks and financial institutions, trusts, and both foreign and local investors.
The Firm is a major player in tax, legal, advisory, risk and strategic consulting in Italy, and Member of Crowe Global, the 8th leading international network of independent accounting and advisory services Firms.
It advises public companies, large and medium-sized enterprises and multinational conglomerates including also SMEs supporting them in every step of their growth and assisting them before tax authorities/ courts of all levels. The firm brings together seasoned attorneys, CPAs, engineers, economists and statisticians who are actively involved in professional organisations, and in the areas of research and academia.
The firm has been recognised by prestigious sector-specific awards and appears at the top of the annual rankings compiled by important research companies.
Key reference in the country's tax, legal and advisory sector due to its capacity for innovation and high-quality services, always focused on client needs.
Hager&Partners was founded in 1995 and today has offices in Bolzano, Milan and Rome. The Firm is composed of approximately 110 staff members, of which 70 professionals and is member of NEXIA International network.
The Firm offers consultancy in national and international tax and company law, corporate finance, M&A, accounting and auditing, and is particularly oriented towards large multinational groups, midcap companies and high net worth individuals. The Firm has a remarkable international attitude: half of the clients are Italian branches of foreign-based companies (also listed in the stock exchange), and many of them are from Germany, Austria, Switzerland and Continental Europe, as well as from UK, USA, China, Turkey, Caucasian Region.
Hager&Partners counts on a fully-dedicated transfer pricing & tax value chain department: team members positively couple strong knowledge and widespread experience on transfer pricing, business economics, international taxation, internationalization of enterprises, business organization.
The department advises on:
- design of TP policies
- preparation of TP documentation
- benchmarking analyses (including any type of financial transactions)
- business (re)structuring
- IP box regimes and intangible assets optimization; global expansion services
- tax controversy
- bilateral and multilateral APA
- MAP
LED Taxand assists Italian and international clients in the private equity, real estate, banking, asset management, venture capital, energy and infrastructure sectors, integrating tax expertise with an in-depth understanding of the regulatory and market constraints typical of each industry.
Our practice areas cover the taxation of extraordinary transactions and M&A, international taxation and transfer pricing, financial and real estate taxation, VAT and indirect taxes, tax litigation, wealth management and international mobility of individuals.
A tax boutique that thinks like an advisory house: technical, discreet, international.
Tax:
LED Taxand has over twenty-five professionals exclusively dedicated to tax matters, who operate throughout the entire life cycle of the transaction — from origination to exit — combining technical depth, business sensitivity and execution capabilities in multi-jurisdictional contexts. Our model is partner-led: every engagement is handled directly by a partner, with lean and strong team of professionals.
CARAVATI PAGANI – Dottori Commercialisti Associati (Firm of Associated Chartered Accountants), founded in 1987, is an Independent professional multidiscipline firm organized by area of expertise led by partners Edoardo Caravati, Piero Pagani and Filippo Caravati.
The Firm offers Tax, Corporate, Business and Accounting advisory services with offices located in Northern Italy providing qualified professional services not only to small/medium-sized companies but also to large groups and High Net Worth Individuals on tax matters.
Considering the large amount of strategic consulting and turnkey solutions we provide, our claim is: Smart Tax Consulting.
Lipani Legal & Tax is an elite multi-practice law firm, focusing on administrative, antitrust and regulatory, commercial and corporate, banking and finance, M&A and tax law.
The tax team (formerly at Macchi di Cellere Gangemi with the tax department founded by Bruno Gangemi in 1986) is highly regarded for its focus on international tax and multi-jurisdictional mandates.
Federico Di Cesare and Arnaldo Salvatore serve as co-heads of the tax team. Federico Di Cesare specializes in corporate tax, international tax and transfer pricing. Arnaldo Salvatore is the key contact for VAT and indirect tax.
The tax team advises large corporations and multinational clients on corporate taxation, mergers and acquisitions, international taxation and transfer pricing, as well as structural and transactional tax planning and global tax projects.
The firm's dedicated tax disputes team advises on the full spectrum of matters, ranging from risk reviews and informal tax authority enquiries to formal investigations, settlement negotiations, and complex litigation.
The tax team also specializes in Mutual Agreement Procedures (MAP) and Advance Pricing Agreements (APA), assisting clients in resolving international tax disputes efficiently and in structuring and negotiating APAs, in which it is among the market leaders.
The firm has a dedicated private client tax team, providing specialized advice to high-net-worth individuals and international families.
Pirola Pennuto Zei & Associati was established in the 1970s as a partnership by a group of specialists. The firm provides tax and legal services to medium and large-sized companies and multinational groups and has continually sought to reinforce its multidisciplinary approach by creating specialized centres of excellence.
Along with ten offices in Italy, the firm has independent offices in London, in Beijing, Shanghai and Hong Kong and an Indian Desk.
Pirola Pennuto Zei & Associati has more than 600 professionals, many of whom participated in some of Italy's most significant corporate and financing operations over the past decade.
The firm provides top quality services, combining the trust relationship between the professional and the client with organizational skills.
Pirola Pennuto Zei & Associati advises many of Italy's leading corporations and several major Italian banks, both domestically and abroad. The representation of foreign clients both in Italy and internationally constitutes a significant part of the firm's practice.
The firm's services cover tax and legal matters such as:
- Domestic and International Tax Compliance and Planning
- Transfer Pricing
- VAT
- Tax
- Legal and Regulatory Advisory Services to Companies in the Banking and Financial Services Sector
- Tax Assistance for Expatriates and Individuals
- IT Law and Copyright
- Labour Law
- Business Law
- Mergers & Acquisitions
- Private Equity
- Tax Litigation
- Litigation
- Antitrust and European Law
- Media Entertainment and Telecommunications
- Energy and Environmental Law
- Real Estate
- Privacy and Information Protection
- Corporate Finance Services
Established in 1977, tax firm Studio Biscozzi merged in 1998 with the law firm Studio Nobili to create Studio Biscozzi Nobili. Since then, the Firm has grown progressively over the years, becoming one of the key firms in Italy specialising in Tax, Tax Litigation, Corporate and M&A, Banking and Finance. In 2019 the firm further strengthened its position in the financial and international taxation fields through the integration of Studio Piazza, changing its name into Studio Biscozzi Nobili Piazza. In January 2024, the firm changed its name to Biscozzi Nobili & Partners.
With extremely experienced chartered auditors, accountants and lawyers, the firm provides both corporate clients and private individuals with high level assistance in a wide array of corporate and tax matters on an ongoing basis. Thanks to its extensive network of top foreign law firms around the world, Biscozzi Nobili Piazza has the capacity to assist its clients both in Italy and abroad. The partners’ vast experience in a wide variety of sectors, industries and geographies allows the firm to cater to the needs of all companies and individuals in an effective and competent fashion.
Biscozzi Nobili Piazza assists its clients with the highest standards of quality, focusing on building strong relationships to address their needs in the most targeted and efficient manner. The firm’s partners sit on the boards of many company clients, included some of the most prestigious listed and private companies, and actively contribute to their success on the long-term.
One of the firm’s strengths is its international exposure and connection with the global network. Biscozzi Nobili Piazza is a tax and legal partner of Elite, an international community of SMEs, advisers, investors and stakeholders gathered by the London Stock Exchange Group to support companies growing and accessing financing opportunities, including stock market listings. Moreover, the firm regularly collaborates with leading wealth management banks (such as Rothschild, Credit Suisse and Banca Profilo) to provide tax advisory to their UHNW clients. Since 2018 Studio Biscozzi Nobili is also a member of the global tax network WTS Global.
Supported by the international, multidisciplinary Deloitte network, about 700 Tax professionals in thirteen Italian cities (Bologna, Genova, Padova, Catania, Milano, Roma, Firenze, Napoli, Torino, Parma, Treviso, Varese, Bari) and desks in New York and Hong Kong, combining a broad range of professional experience with industry-specialist knowledge. STS Deloitte is able to provide its clients with advice and assistance on both Italian matters and cross borders matters with a complete range of services, paying attention to the technical aspects, in the following areas:
- Business Tax
- International Tax
- VAT & Global Trade Advisory
- Global Employer Services (GES)
- Transfer Pricing
- Mergers & Acquisitions
- Tax Controversy
- IT Tax tools (TMC)
- Business Process Solutions (BPS)
- Global Investment and Innovation Incentives (Gi3)
- Private Client Services
Since a few years now, STS Deloitte (part of the Deloitte Network) has become the largest tax practice in Italy in terms of the number of full-time dedicated transfer pricing professionals (tax specialists, lawyers, analysts and economists), grouped in one national service line (set up in 1999). The team located in five different geographical locations in is led by Aldo Castoldi.
STS-Deloitte transfer pricing SL:
- has a “passion” for innovation and assisted in the negotiation and conclusion of the first Italian Advance Pricing Agreement (APA), in the first settlement of an Italian transfer pricing case through the European Union Mutual Agreement and Arbitration Convention;
- assisted clients in the two first ever contemporaneous multilateral audits jointly carried out by the Italian and German Tax Authority;
- have been developing and implementing IT Tools and solutions for TP Documentation and Analytics projects.
WTS R&A Studio Tributario is a professional tax consultancy firm supporting multinational groups, medium-sized enterprises and private clients, with offices in Milan, Rome, Turin and Verona. We are a Member Firm of WTS Global, a global consulting network present in more than 100 countries around the world.
Our best-performing areas are tax consultancy at a national and international level, business reorganization, litigation and out-of-court settlement of tax disputes as well as supply chain taxation (transfer pricing, VAT, customs duties and others indirect taxes) and cooperative compliance. In our Rome and Milan offices we have a team focused on Global Mobility & Employment Taxation.
Tax Bridge is a tax advisory with a focus on International taxation, Tax Control Framework, and Tax litigation, led by partners with years of recognized experience in the Internal Revenue Service, Tax Boutiques, and Economic Consultings.
Tax Bridge supports big corporations, as well as SMEs, in building a long-term relationship with the tax authorities based on competence, transparency and independence, in a new mindset of cooperation, aimed at reducing tax risks and securing cash flows.
Tax Bridge focusses on a narrow range of tax services, including:
1) International taxation and Transfer pricing, where we developed a solid methodology to deal with Advance Pricing Agreements;
2) Cooperative Compliance and Tax Control Framework, being on the forefront on the implementation of integrated systems for the detection, measurement, management and control of tax risk;
3) Tax litigation and Tax benefits.
Meet our experts (https://www.taxbridge.it/en/team/)
