Rule reminder

Italy has a complex tax system with specific terminology. Key taxes: 'l'IVA' (Imposta sul Valore Aggiunto) is VAT at 22% standard rate; 'l'IRPEF' (Imposta sul Reddito delle Persone Fisiche) is personal income tax; 'l'IRES' (Imposta sul Reddito delle Società) is corporate income tax at 24%; 'l'IRAP' (Imposta Regionale sulle Attività Produttive) is a regional production tax. The main tax return forms are the '730' (for employees) and the 'Modello Redditi' (formerly Modello Unico, for self-employed).