On 30 November 2015, Italy published a Ministerial Decree amending the country's blacklist for non-deductible expenses and the controlled foreign company (CFC) regime, which includes the removal of Hong Kong. Hong Kong's removal is due to the entry into force of the 2013 Hong Kong-Italy income tax treaty on 10 August 2015 ({News-2015-08-17/T/2- previous coverage}), which provides for adequate information exchange; a condition for the blacklist.
Expenses incurred in transactions with companie…