Cash donations between close relatives to be tax-free

Cash donations or concessions up to the amount of 800,000 euros between close relatives will be exempt from tax even if they are made by withdrawing cash from bank account, according to the omnibus bill that the Finance Ministry is about to submit to Parliament on Tuesday.

According to sources, the draft law, which has more than 400 pages, includes, among other things, provisions that concerns the imposition of fines on enterprises that do not transmit the data-receipts of their retail sales to the Independent Authority for Public Revenue, as well as the establishment of the “Independent Credit Evaluation Authority.”