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India and Italy to set up fast-track mechanism to facilitate investors & companies in both sides

Updated: Jul 17, 2019 07:20:43am
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India and Italy to set up fast-track mechanism to facilitate investors & companies in both sides

New Delhi, July 17 (KNN) In order to facilitate Indian and Italian companies as well as investors in both the countries, the Ministry of Commerce & Industry said it has been decided to establish fast-track system for companies and investors of both the countries.

The key objectives of the fast track system in India will be to pave way for and identify and solve problems faced by Italian companies and investors with their operations in India.

The system will also serve as a platform for discussing general suggestions from the point of view of Italian companies and investors with regard to ease of doing business in India, stated the release.

It said, “Department for Promotion of Industry and Internal Trade (DPIIT) in close cooperation with Invest India will represent the India side in this system in India. DPIIT will facilitate the participation of other relevant Ministries and authorities on a case by case basis. Invest India will be the responsible agency to pursue and monitor individual cases. They will be constantly reviewed by DPIIT.”

The Italian Embassy in India in close cooperation with the Italian Trade Agency and relevant Ministries in Italy will represent the Italian side of this system in India.

A continuous updated list of relevant concerns of Italian companies and investors in India will be prepared by Italian Embassy and form the basis of the fast – track system in India.

The fast-track system will be reviewed twice a year at the level of Secretary, DPIIT and Italian Ambassador in India. The Italian Embassy and DPIIT will meet on the working level at shorter intervals as and when required to review the progress achieved.

Ministry of Economic Development, Italy, in close cooperation with the Italian Trade Agency will represent the Italian side in this system in Italy. Ministry of Economic Development, Italy will facilitate the participation of other relevant Ministries and authorities on a case by case basis. Italian Trade Agency will be the responsible agency to pursue and monitor individual cases. They will be constantly reviewed by Ministry of Economic Development, Italy, it added.

The Indian Embassy in Italy in close cooperation with DPIIT and the relevant Ministries in India will represent the Indian side of this system in Italy.

A continuous updated list of relevant concerns of Indian companies and investors in Italy will be prepared by Indian Embassy and form the basis of the fast – track system in Italy.

The fast-track system will be reviewed twice a year at the level of Director General for Internationalization and Trade Promotion, Ministry of Economic Development, Italy and Indian Ambassador in Italy, said the Ministry.

It said that the Indian Embassy and Ministry of Economic Development, Italy will meet on the working level at shorter intervals as and when required to review the progress achieved.

In this regard, a meeting was held and attended by Ambassador of Italy to India, Lorenzo Angeloni and Secretary, DPIIT, Ramesh Abhishek, and other senior officials from both sides, to deliberate upon issues of five Italian companies.

COMMENTS

  1. Raffaele
    Raffaele 17/07/2019 9:55 AM

    Yes, this is the right time for investing in Italy! The 2017 Budget Law introduces in the Immigration Law a new “entry visa for investors” which will entitle foreign investors an advantageous treatment, only provided that they will carry out a durable investment in Italy or a large donation involving benefits for Italian culture and research. The visa is also extendable to family members. Moreover, investors and entrepreneurs moving fiscal residence to Italy have: 1) a very favorable tax break applied on the income earned abroad. This treatment is valid for a fifteen years long period; 2) those people’s incomes made in Italy as entrepreneurs, employee or working investors will contribute to the personal revenue only for the 30% of the amount. For example, assuming an annual income for €100K earned in Italy, the new resident will pay tax such as his incomes would be like € 30K!!! This taxation preferential treatment will be even more favourable (it will drop from 30 to 10%) if the new residency will be taken in one of the following areas: Abruzzo, Molise, Campania, Puglia, Basilicata, Calabria, Sardinia, Sicilia. This tax break will be in place for 5 years of residency but it will be extended for 5 years more. That’s in the Growth Act (Art. 5, D.L. n. 34/2019 issued by the Italian Government on 30 April 2019).

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