On 18 September 2017, Romeo Battigaglia, head of financial markets Italy at Simmons & Simmons, hosted a seminar on the Flat Tax, a Brexit hot topic in the local market. The single rate tax has burst into the political debate with suggestions it could boost growth and investment (according to academic studies).
The event, hosted in the Simmons & Simmons Milan office, was in partnership with local association Select Milano and included eminent panelists: Antonio Mele, Professor of Finance, Swiss Finance Institute; Bepi Pezzulli, Chairman, Select Milano; Armando Siri, Economic Advisor of Hon. Matteo Salvini and Francesco Tufarelli, Centro Studi Europolitica. Nearly 90 people were in attendance
Romeo Battigaglia commented: “The flat tax falls in line with the great success of the Ministry for Economy and Finance with the so-called redux tax and is consistent with the objective of simplification of the Italian tax system.”
The Select Milano Committee has been working towards a new set of Anglo-Italian relations since January 2013, when the former UK Prime Minister, David Cameron promised to call a Leave/Remain referendum in the UK.
In light of the Brexit, Select Milano has developed the idea of launching an economic diplomacy initiative to design a new economic paradigm and a new framework of commercial liaisons between Italy and the United Kingdom, centred around Milan.
Bepi Pezzulli, Chairman of Select Milano commented: “The progressive tax is incompatible with globalisation. First, the mobility of human capital is high: the massive movement of very productive human capital has a devastating effect both on the international image of our country and on the lower income groups, which will not change their economic situation if nobody is able to offer creative impulses”.
To understand more about the developments contact our Italy team here and visit our Brexit microsite for a comprehensive analysis of the legal challenges of Brexit.
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.