Accounting and taxation in Italy

Fulvia Rocchi

European Accounting Review, 1996, vol. 5, issue 1, 981-989

Abstract: In Italy income taxation has always been based on accounting results, according to the Massgeblichkeitsprinzip. In time both civil and fiscal laws have enhanced their complexity, precision, and severity. At present the former states the true and fair view principle, and establishes more and stricter requirements in financial reporting, in a legalistic style. The latter asserts the accrual principle and defines 'objective' standards for fiscal earnings' calculation, standards that are generally applied in financial statements too. As a result accounting still suffers from tax pollution, although it is now possible to draw more complete, reliable and clear information than ever from annual reports.

Date: 1996
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DOI: 10.1080/09638189600000063

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