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Italy Facts and Figures
Facts About Italy
| Information Type | Italy Data |
|---|---|
| Population | 60,461,8262 (June 2020 est.) |
| Gross Domestic Product (GDP) | US$2.014 trillion (2020 est.) |
| GDP Per Capita | US$33,431 (2020 est.) |
| Inflation Rate | 1.1% (2020 est.) |
| Currency | Euro |
| Exchange Rate Versus U.S. Dollar | 0.89 euros per U.S. dollar (June 2020) |
| Language | Italian (official), German (parts of Trentino-Alto Adige region), French (small French-speaking minority in Valle d’Aosta region), Slovene (minority in the Trieste-Gorizia area). |
| Capital | Rome |
| Population of Capital City | 4,257,000 million (2020 est.) |
| Time Zone | GMT + 1 (6 hours ahead of Washington D.C. during Standard Time). Daylight saving time: Additional hour (begins on the last Sunday in March and ends on the last Sunday in October). |
| Seasons | Mediterranean—with variations from the north to the south of the country. Alpine in the far north with cold winters and hot summers. In southern Italy and the islands winters are less harsh and summers are longer with a hot and dry climate. |
| International Dialing Code | 39 |
| Electricity | 230V / 50Hz: Plug Type: C F L |
| System of Government | Republic |
| Name and Party Affiliation of Current Leader | Chief of state: President Sergio Mattarella Napolitano (since 2015). Head of government: Prime Minister Guiseppe Conte (since 2018). |
| Income Tax Rate for Residents | Residents are liable to tax on their worldwide income at progressive rates from 23% to 43%. There is also a regional tax of 1.2% to 2.03%, and a municipal tax of 0.1% to 0.8%. |
| Property Tax | Set annually and range from 0.4% to 0.76%. |
| Capital Gains Tax | 20% to 25% |
| Inheritance Tax | 4% to 8% |
| Rental Income Tax | Taxable rental income is generally computed as rental income less a lump-sum deduction of 30% for repair and maintenance expenses. Taxable rental income cannot be less than 70% of the gross income. The normal income tax rates are then applied to the computed taxable rental income. |
| Transfer Tax | Stamp duty is levied on legal and banking transactions at varying rates. |
| Sales Tax | 22% |
| Restrictions on Foreign Ownership of Property | Italy has no restriction on foreigners owning property. |
| Local Chamber of Commerce | http://www.at.camcom.gov.it/ Piazza Medici, 8 – 14100 Asti, Italy Tel: 391-4153 5211 Email: segreteria@at.legalmail.camcom.it |
| American Chamber of Commerce | http://www.amcham.it/ Via. Cesare Cantu 1, 20123 Milan, Italy Tel: 392-3929 6752 |
| Primary Exports | Engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals, food, beverages, tobacco, minerals, and nonferrous metals. |
| Residency and Visa Requirements | U.S. citizens may enter Italy without a visa and remain in the country as a tourist for a maximum of 90 days per trip. If you wish to stay longer than 90 days, you need to seek permission to remain in the country. Like many countries in Europe, Italy grants residency to foreigners who can prove they can take care of themselves (pay their own bills and not be a burden on the state). |
| Special Benefits for Foreign Residents or Retirees | Residency in Italy can lead to a second passport and dual citizenship in the country. |
| National Airline | www.ita-airways.com |
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