Post on 24-Apr-2018
transcript
www.pwc.com
Strictly private and confidential
www.pwc-tls.it
Confindustria Vicenza - 27 febbraio 2018
Algeria Marocco Tunisia
1 Aspetti Fiscali 3
1.1 Società residenti 5
1.2 Società non residenti 8
1.3 Ritenute di imposta 10
1.4 Altri aspetti 15
2 Aspetti Societari 24
3 I nostri riferimenti 31
Sommario
PageSezione Titolo
1 Aspetti Fiscali
3Algeria Marocco Tunisia
Aspetti Fiscali
PwC TLS | Avvocati e Commercialisti
PwCAlger05 Rue Mohamed Saadi (Ex Rue Raoul Payen) HydraAlger, 16035 Algeria
Casablanca35 rue Aziz BellalMâarifCasablanca, 20 330Morocco
TunisImm. PwC Rue du Lac d'AnnecyLes Berges du Lac1053 TunisTunisia
Altre fonti
- PwC Worldwide Tax Summaries
https://www.pwc.com/gx/en/services/tax/worldwide-tax-summaries.html
- International Bureau of Fiscal Documentation
http://www.ibfd.org/
- Repubblica Alerina – Direzione Generale delle Imposte
https://www.mfdgi.gov.dz/
- Repubblica Tunisina – Ministero delle Finanze
http://www.finances.gov.tn/index.php?lang=fr
- Marocco – General Tax Administration
https://portail.tax.gov.ma/wps/portal/DGI-Ang/Dgi-Internet-Ang/Home/
Premessa
1 Aspetti Fiscali
4Algeria Marocco Tunisia
Società residenti
1.1 Società residenti
5Algeria Marocco Tunisia
PwC TLS | Avvocati e Commercialisti
Tax FeatureAlgeria
Last reviewed: 1 February 2018
Morocco
Last reviewed: 31 January 2018
Tunisia
Last reviewed: 1 January 2018
Residence Residence is based on incorporation A company is deemed to be resident
in Morocco if it has its legal seat
there
A company is resident in Tunisian if it
is incorporated in Tunisia
Tax base Territorial (active income)
Worldwide (passive income)
Territorial (active income)
Worldwide (passive income)
Territorial (active income)
Worldwide (passive income)
Corporate tax rates 19% for manufacturing activities
23% for construction, public works
and hydraulic activities in addition to
tourism and spa activities except
travel agencies
26% for other activities (including
trade and services)
Proportional rates: 10%, 20%, and
31% (over MAD 1 million)
37% (credit institutions, leasing,
insurance/reinsurance companies,
Deposit Bank and Bank Al Maghreb)
17,5% (companies exporting
products or services)
10% (regional headquarters and
representative offices of multinational
companies with Casablanca Finance
City status; offshore banks)
8.75% (companies operating in
export free zones; for products sold
to enterprises located outside export
free zones; financial institutions,
professional services providers, and
holding companies with the
Casablanca Finance City status)
25% standard rate
35% for financial institutions,
telecommunication and hydrocarbon
companies
35% for large retail companies and
companies exploiting a foreign brand
(as of 1 January 2019)
20% for small and medium size
companies
15% for newly listed companies (for
a 5-year period)
10% for export companies (as of 1
January 2014)
In addition, a 1% social solidarity
contribution is applicable as of 1
January 2018
Società residenti (1/2)
1.1 Società residenti
6Algeria Marocco Tunisia
Tax on business activity (TAP) at the rate
of 1% for manufacturing activities, without
any reduction. However, this tax is fixed
at 2% for all other activities, with a
reduction of 25% for some activities and
locations, and computed based on the
invoiced turnover.
IBSImpôt sur le Bénéfice
des Sociétés
Local authority tax (LAT): LAT is payable by entities subject to corporate tax, except
entities operating in the tourism sector.
The LAT is paid to the local authority monthly, at the rate of:
- 0.2% of the total turnover of the entity, with a minimum calculated on the basis of the
number of square metres of construction used by the entity.
- 0.1% of the turnover deriving from exportation as defined by the legislation in force.
PwC TLS | Avvocati e Commercialisti
Società residenti (2/2)
1.1 Società residenti
7Algeria Marocco Tunisia
Tax Feature
Algeria
Last reviewed: 1 February
2018
Morocco
Last reviewed: 31 January
2018
Tunisia
Last reviewed: 1 January 2018
Alternative minimum tax Minimum tax of DZD 10,000
applies on a yearly basis
Payable at the rate of 0.5% on
turnover
A special 0.25% rate is
applicable in the following
sectors: oil products, gas, butter,
oil, sugar, water, flour and
electricity
The minimum levy may not be
lower than MAD 3,000
0.2% of revenues, but not lower
than TND 500
0.1% of revenues from exports
activities, but not lower than TND
300
Capital gains Yes, part of business income
Exemption for listed shares and
intra-group share transfers
Yes, part of business income;
Exempt for venture capital funds
and UCITS
Yes, part of business income
0% on disposal of shares listed
on the Tunis Stock Exchange
under certain conditions
Loss carry-forward Yes, for 4 years Yes, 4 years
Depreciation relating to a loss-
making period may be carried
forward for an unlimited period
Yes, for 5 years
Indefinitely for deferred
depreciation
Loss carry-back No No No
Unilateral double taxation reliefNo No No
Società non residenti
1.2 Società non residenti
8Algeria Marocco Tunisia
PwC TLS | Avvocati e Commercialisti
Società non residenti
1.2 Società non residenti
9Algeria Marocco Tunisia
Tax Feature
Algeria
Last reviewed: 1 February
2018
Morocco
Last reviewed: 31 January
2018
Tunisia
Last reviewed: 1 January 2018
Corporate tax rates 19% for manufacturing activities
23% for construction, public
works and hydraulic activities in
addition to tourism and spa
activities except travel agencies
26% for other activities (including
trade and services)
Proportional rates: 10%, 20%,
and 31% (over MAD 1 million)
8% (on gross contract value for
certain foreign contractors)
25% standard rate (or 15% final
withholding tax on gross
payments if carrying on activities
in Tunisia through a non-
registered PE)
35% for financial institutions,
telecommunication and
hydrocarbon companies
In addition, a 1% social solidarity
contribution is applicable as of 1
January 2018
Capital gains on sale of shares
in resident companies
20% Yes, 0% for gains on securities
listed on the Moroccan stock
exchange
25% capped at 5% of the
transfer price
Some exemptions apply under
certain conditions
Capital gains on sale of
immovable property
Taxed as business income Yes, non-resident companies are
liable to corporate tax in respect
of any capital gains arising from
immovable property or from the
disposal of shares of real estate
companies situated in Morocco:
such gains are subject to
corporate tax at the standard rate
of 30%
A withholding tax of 15% of the
selling price is applicable to the
gains. Non-resident companies
can opt to treat the withholding
tax either as a final tax or as a
credit against the corporate tax
liability in respect of these capital
gains
In assenza di DTT.
Solitamente trattasi di ritenute per società non
residenti e senza stabile organizzazione in loco,
con riferimento a redditi di fonte locale
Ritenute di imposta
1.3 Ritenute di imposta
10Algeria Marocco Tunisia
PwC TLS | Avvocati e Commercialisti
Ritenute di imposta
1.3 Ritenute di imposta
11Algeria Marocco Tunisia
Tax Feature
Algeria
Last reviewed: 1 February
2018
Morocco
Last reviewed: 31 January
2018
Tunisia
Last reviewed: 1 January 2018
Branch profits 15% 15% (on remittance basis) 10%
25% if the non-resident company
is based in a tax haven
Dividends 15% 15%;
0% on distributions by companies
operating in export free zones
(EFZ)
10% (as of 1 January 2015) on
profits realized from 1 January
2014
25% if recipient is resident in a
tax haven
Interest 10% (debts, deposits,
guarantees)
40% (bearer securities)
10% 20%
10% for interest paid to non-
resident banks
25% if recipient is resident in a
tax haven
Royalties 4.8% (use of computer software)
24% (other royalties)
10% 15%
25% if recipient is resident in a
tax haven
Fees (technical) 24% 10% 15%
Fees (management) 20% 15% 15%
Branch tax set at the rate of 15% calculated on net profits after IBS.
Under this scenario, a 15% tax rate applies on the deemed distribution
(cash position usually) of profits after tax, which may be reduced or
removed by the applicable DTT provisions
PwC TLS | Avvocati e Commercialisti
Algeria – Ritenute da trattati contro le doppie imposizioni
1.3 Ritenute di imposta
12Algeria Marocco Tunisia
Interest Royalties
Individuals, companies Qualifying companies
(%) (%) (%) (%)
Domestic Rates - Companies 15 15 10/40 4.8/24
Treaty Rates:
Country Individuals, companies Qualifying companies . ..
Austria 15 5 0/10 10
Belgium 15 15 0/15 5/15
China (People's Rep.) 10 5[2] 7 10
Egypt 10 10 5 10
France 15 5 10/12 5/10/12
Germany 15 5 10 10
Italy 15 15 15 5/15
Jordan 15 15 0/15 15
Russia 15 5 15 15
Spain 15 5 5 7/14
Switzerland 15 5 0/10 10
Turkey 12 12 10 10
United Kingdom 15 5 7 10
Dividends
≥ 25%
PwC TLS | Avvocati e Commercialisti
Marocco - Ritenute da trattati contro le doppie imposizioni
1.3 Ritenute di imposta
13Algeria Marocco Tunisia
Interest Royalties
Companies Qualifying companies[2]
(%) (%) (%) (%)
Domestic Rates - Companies 15 0 10 10
Treaty Rates:
Country 2 3 4
Austria 10 5 0/10 10
Belgium 10 6.5 0/10 10
China (People's Rep.) 10 10 0/10 10
Finland 10 7 0/10 10
France 15 15 10/15[6]
5/10[5]
Germany 15 5 0/10 10
Ireland 10 6 0/10 10
Italy 15 10 0/10 5/10[5]
Malta 10 6.5 0/10 10
Netherlands 25 10 10/25[8] 10
Poland 15 7 10 10
Russia 10 5 0/10 10
Spain 15 10 10 5/10[5]
Switzerland 15 7 10 10
Turkey 10 7 0/10 10
United Kingdom 25 10 10 10
United States 15 10 0/15 10
Dividends
Copyright
letterari
Esenzione per
interessi pagati da/a
autorità statali
PwC TLS | Avvocati e Commercialisti
Tunisia - Ritenute da trattati contro le doppie imposizioni
1.3 Ritenute di imposta
14Algeria Marocco Tunisia
Interest Royalties
CompaniesQualifying
companies
(%) (%) (%) (%)
Domestic Rates - Companies 5/25 5/25 0/5/20/25 0/15/25
Treaty Rates:
Country 2 3 4
Austria 20 10 10 10/15
Belgium 15 5[3]
5/10[4] 11
China (People's Rep.) 8 8 10 5/10
France No Limitation No Limitation 12 5/10/15/20
Germany 15 10 10 10/15
Italy 15 15 12 5/12/16
Malta 10 10 0/12 12
Netherlands 20 0 0/7.5[8]
7.5/11[8]
Norway 20 20 12 5/15/20
Oman 0 0 10 5
Spain 15 5 5/10 10
Switzerland 10 10 10 10
Turkey 15 12 10 10
United Kingdom 20 12 10/12 15
United States 20 14 15 10/15
Dividends
16% trade mark, to cinematograph and television films, to industrial, commercial or scientific equipment
5%literary, artistic or scientific work
12% in other cases
Altri aspetti
1.4 Altri aspetti
15Algeria Marocco Tunisia
PwC TLS | Avvocati e Commercialisti
Norme anti abuso
1.4 Altri aspetti
16Algeria Marocco Tunisia
Tax FeatureAlgeria
Last reviewed: 1 February2018
MoroccoLast reviewed: 31 January
2018
TunisiaLast reviewed: 1 January
2018
Transfer pricinglegislation
Yes (and transfer pricingdocumentation requirements for
companies under the Large Taxpayers Unit)
Yes Yes, only a general principle
Thin capitalizationlegislation
No No No
Controlled foreigncompany legislation
No No No
General anti-avoidancerule (GAAR)
Yes (based on the abuse of law concept)
No No
Other anti-avoidancelegislation
No No Yes, anti-tax havens rules in the form of higher withholding taxrates if recipient is resident in a
tax haven. In addition, the expenses paid to such persons
are not deductible
Increasing from 500,000 Algerian dinars (DZD) to
DZD 2 million the penalty amount relating to a failure
to provide or an incomplete production of transfer
pricing documentation
PwC TLS | Avvocati e Commercialisti
Indirette
1.4 Altri aspetti
17Algeria Marocco Tunisia
Tax FeatureAlgeria
Last reviewed: 1 February 2018
MoroccoLast reviewed: 31
January 2018
TunisiaLast reviewed: 1
January 2018Taxable events Supply of goods
Supply of services
Sales and deliveries of goods (also of imported
goods);
Supply of services
Supply of goods (includingimportation) and services
VAT (standard) 19% 20% 19%
VAT (reduced) 9% 0%, 7%, 10%, 14% 0%, 7%, 13%
VAT (increased) No No No
Registration/deregistration threshold
DZD 100,000 MAD 2 million (for wholesalers and retailers)
TND 100,000 (retailers)
VAT group No No No
PwC TLS | Avvocati e Commercialisti
Altro
1.4 Altri aspetti
18Algeria Marocco Tunisia
Tax FeatureAlgeria
Last reviewed: 1 February2018
MoroccoLast reviewed: 31 January
2018
TunisiaLast reviewed: 1 January 2018
Currency Algerian dinar (DZD) Moroccan dirham (MAD) Tunisian dinar (TND)
Foreign exchange controlYes, foreign exchange control approval is required for certaintypes of payments
International financial transactionsare subject to the control of the Moroccan Exchange Office ( Office des Changes )
Remittances of capital to non-residents are guaranteed
No limitations are imposed on the time or amount of profit remitted
Loans, however, must be authorized by the Office of Exchange
Yes, a request for a pre-approvalmust be filed with the TunisianCentral Bank
PwC TLS | Avvocati e Commercialisti
Consolidato fiscale e incentivi
1.4 Altri aspetti
19Algeria Marocco Tunisia
Tax FeatureAlgeria
Last reviewed: 1 February2018
MoroccoLast reviewed: 31 January
2018
TunisiaLast reviewed: 1 January
2018
Consolidato fiscale Yes No Yes
Incentivi
Regional development areas
Oil and gas activities
CIT reduction for listedcompanies
Employment creation incentives
Export free zones
Tourism
Agriculture sector
Hydrocarbons sector
Investment in certain regions
Special offshore regime
Export companies
Investment in certain regions
Investment banks and companies
Small and medium-sizedcompanies
Agriculture and fishing sectors
Technology and energy-savingactivities
Islamic financial instruments
PwC TLS | Avvocati e Commercialisti
Incentivi per gli investimenti - Algeria
1.4 Altri aspetti
20Algeria Marocco Tunisia
AlgeriaANDI – National Agency of Investment Developmenthttp://www.andi.dz/index.php/en/regimes-d-avantages
The investment projects may enjoy from tax exemptions
and reductions, depending on the project location and
impact on the economic and social development
Three levels of advantages are provided:
- Common advantages to all eligible investments (dazi,
IVA, 3/10 anni esenzione CIT…)
- Additional advantages to privileged / or job creating
activities (5 anni esenzione tasse e altro)
- Exceptional advantages to investments bringing a
particular interest for the national economy
Industrial Park
PwC TLS | Avvocati e Commercialisti
Incentivi per gli investimenti - Marocco
1.4 Altri aspetti
21Algeria Marocco Tunisia
MaroccoInvest in Moroccohttp://www.invest.gov.ma/?Id=1&lang=en
- Investment and industrial development fund
- Hassan II Fund
- Import Duty Exemption (Businesses that commit to making an
investment of an amount equal to or greater than one hundred (100) million dirhams
can benefit, as part of agreements to be concluded with the government, from
exemption from import duty and the value added tax applicable to goods, materials
and tools needed for their project and imported directly by the companies or on their
behalf. This exemption is also granted to the parts, spare parts and accessories
imported at the same time as capital goods, machinery and equipment for which
they are intended. The investment must be made within thirty-six (36) months from
the date of the signature of the abovementioned agreement.)
- VAT Exemption (Equipment goods, materials and tools needed to achieve
investment projects involving an amount higher than or equal to MAD 100 million are
exempt from VAT on imports within the framework of an agreement concluded with
the State, in favor for the beneficiaries during a period of thirty six (36) months from
the start of business).
Free Trade Agreements (FTA)
PwC TLS | Avvocati e Commercialisti
Incentivi per gli investimenti - Tunisia
1.4 Altri aspetti
22Algeria Marocco Tunisia
TunisiaInvest in Tunisiahttp://www.investintunisia.tn/It/accoglienza_46_33
Nuova legge sull’investimento, entrata in vigore l’1 aprile 2017.
Incentivi fiscali e finanziari:- Imposte ridotte al 10% per le società totalmente esportatrici;
- Esenzione IVA e dei diritti di dogana per i prodotti da
riesportare;
- Vantaggi fino a 10 anni per le società sistemate nelle zone di
sviluppo regionale;
- Contributi d’investimento specifici per le zone di sviluppo
regionale, fino al 30% del costo d’investimento, limitato a 3
MTND;
- premi d’investimento per i settori prioritari e le filiere
economiche;
- Incentivi per investimenti in asset intangibili e spese di ricerca e
di sviluppo;
- Contributi per la formazione.
Zone di Sviluppo Regionale (ZSR)
Zone di sviluppo
regionale del
secondo gruppo
Zone di sviluppo
regionale del
primo gruppo
Contributi, fino 10 % del costo
del progetto 30% max 3 MTND 15 % max 1,5 MTND
Esenzioni fiscali100 % durante i primi 10
anni di attività e 10% dopo
100 % durante i primi 5
anni di attività e 10%
dopo
Sovvenzione per i contributi
previdenziali a carico
dell’azienda
100 % per 10 anni 100 % per 5 anni
Contributo per le spese in
infrastrutture nel settore
dell’industria, fino al 10% del
costo del progetto
85 % max 1 MTND 65 % max 1 MTND
Contributo ai Fondi di
Promozione dell’Alloggio per i
Salariati (FOPROLOS)
Esonero illimitato nel tempo Nessun vantaggio
TFP (Tassa sulla Formazione
Professionale)
Le imprese beneficiarie dei vantaggi di sviluppo
regionale conformemente alla legislazione in vigore sono
esenti dalla TFP.
Primo gruppo
Secondo gruppo
PwC TLS | Avvocati e Commercialisti
Le principali norme da considerare:
- Residenza fiscale (Esterovestizione. Vedere anche DTT – Art. 4. In particolare sede direzione effettiva/place of effective management)
- Transfer Pricing (beni, servizi, flussi finanziari intercompany)
- CFC (tassazione in Italia delle controllate – Art 167 TUIR)
- Eventuali limitazioni all’applicabilità dei trattati contro le doppie imposizioni
Principali aspetti di fiscalità italiana da considerare
1.4 Altri aspetti
23Algeria Marocco Tunisia
ITco
DZco TNcoMAco
Regime fiscale
considerato
privilegiato
Livello nominale di
tassazione
inferiore al 50 per
cento di quello
applicabile in Italia
Tassazione per
trasparenza (i
redditi conseguiti
dal soggetto estero
controllato sono
imputati alla
società italiana)
A determinate
condizioni,
possibilità di
disapplicare la
norma CFC
verificare
2 Aspetti Societari
24Algeria Marocco Tunisia
Aspetti Societari
PwC TLS | Avvocati e Commercialisti
Forme societarie principali:
Società per Azioni (SPA) / Società a Responsabilità Limitata (Sarl)
Normativa simile alle società europee (in particolare a quella francese)
Principali caratteristiche:
Società per Azioni (SPA)
- 7 azionisti (numero minimo)
- capitale minimo: 1.000.000 dinari algerini (circa 7.000 euro) ovvero 5.000.000 dinari se la società fa appello al pubblico risparmio
- i soci rispondono per i debiti della società solo fino a concorrenza del valore delle loro partecipazioni
- organo amministrativo: consiglio di amministrazione o un direttorio assistito da un consiglio di controllo
- nomina di un revisore dei conti obbligatoria
Società a Reponsabilità Limitata (Sarl)
- 2 soci numero minimo (50 numero massimo)
- capitale minimo non previsto
- cessione quote sociali a terzi solo con accordo dei soci rappresentanti i 3/4 del capitale sociale
- nomina di un revisore dei conti obbligatoria
Algeria (1/2)
2 Aspetti Societari
25Algeria Marocco Tunisia
[
PwC TLS | Avvocati e Commercialisti
Elementi comuni:
- Socio straniero: partecipazione consentita ad un socio straniero in misura diversa in funzione del tipo di attività svolta dalla società.- Regola generale: partecipazione massima socio straniero 49%
- Società algerina che esercita attività di commercio estero: partecipazione massima socio straniero 30%
Per investimenti esteri superiori a 2 miliardi di dinari (circa 15.000.000 euro) approvazione del National Board of Investement.
- Conferimenti: in denaro o in natura (beni immobili, beni mobile, diritti IP, etc) con perizia di soggetto terzo per determinazione valore
- Patti parasociali: riconosciuti a condizione che siano conformi alla normativa locale
Algeria (2/2)
2 Aspetti Societari
26Algeria Marocco Tunisia
[
PwC TLS | Avvocati e Commercialisti
Forme societarie principali:
Società per Azioni (Société Anonyme, SA) / Società a Responsabilità Limitata
Principali caratteristiche:
Società per Azioni (Société anonyme, SA)
- 5 azionisti numero minimo
- capitale minimo 300.000 dirham (circa 27.000 euro) ovvero 3.000.000 dirham se la società fa appello al pubblico risparmio
- i soci rispondono per i debiti della società solo fino a concorrenza del valore delle partecipazioni
- organo amministrativo: consiglio di amministrazione composto da 3 a 12 membri
- obbligatoria la nomina di un revisore dei conti
Società a Reponsabilità Limitata
- 1 socio numero minimo (50 numero massimo). In caso di socio unico, lo stesso non può costituire un’ altra Sarl a socio unico
- non è previsto un capitale sociale minimo
- cessione quote sociali a terzi solo con accordo dei soci rappresentanti i 3/4 del capitale sociale
Marocco (1/2)
2 Aspetti Societari
27Algeria Marocco Tunisia
[
PwC TLS | Avvocati e Commercialisti
Elementi comuni:
- Socio straniero: possibile possedere il 100% di una società marochina
- Legale rappresentante: anche straniero.
- Conferimenti: in denaro o in natura (beni immobili, beni mobili, diritti IP, etc.) con perizia di un esperio per la determinazione valore
- Patti parasociali: riconosciuti a condizione che siano conformi alla normativa locale
Marocco (2/2)
2 Aspetti Societari
28Algeria Marocco Tunisia
[
PwC TLS | Avvocati e Commercialisti
Forme societarie principali:
Società per Azioni (Société anonyme, SA) / Società a Responsabilità Limitata
Normativa simile alle società europee (in particolare a quella francese)
Principali caratteristiche:
Società per Azioni (Société anonyme, SA)
- capitale minimo 5.000 dinari tunisini (circa 1.700 euro) ovvero 50.000 dinari se la società fa appello al pubblico risparmio
- i soci rispondono per i debiti della società solo fino a concorrenza del valore delle loro partecipazioni
- nomina di un revisore dei conti obbligatoria (iscritto all’albo ufficiale tunisino)
Società a Reponsabilità Limitata
- non è previsto un capitale sociale minimo (neanche in caso di socio unico)
- cessione quote sociali a terzi solo con accordo dei soci rappresentanti i 3/4 del capitale sociale
Tunisia (1/2)
2 Aspetti Societari
29Algeria Marocco Tunisia
[
PwC TLS | Avvocati e Commercialisti
Elementi comuni:
- Socio straniero: partecipazione consentita ad un socio straniero in misura diversa in funzione del tipo di attività svolta dalla società.- Società tunisina che esercita attività commerciale in Tunisia: socio straniero partecipazione massima 49% oltre ad autorizzazionespeciale rilasciata dalla Tunisian Central Bank.- Società tunisina settore industriale o servizi finanziari: socio straniero anche partecipazione di maggioranza o 100%
- Legale rappresentante: anche persona straniera
- Conferimenti: in denaro o in natura (beni immobili, beni mobile, diritti IP, etc) con perizia di un terzo per la determinazione valore
- Patti parasociali: riconosciuti a condizione che siano conformi alla normativa locale
Tunisia (2/2)
2 Aspetti Societari
30Algeria Marocco Tunisia
[
3 I nostri riferimenti
31Algeria Marocco Tunisia
I nostri riferimenti
PwC TLS | Avvocati e Commercialisti
I professionisti
Algeria Marocco Tunisia • Confindustria Vicenza - 27 febbraio 2018
Section 3 – I nostri riferimenti
Giovanni MaranoDottore Commercialistaphone 0039 049 873421giovanni.marano@pwc.com
Davide FrauAvvocatophone 0039 049 873421davide.frau@pwc.com
Photo
32
© 2017 TLS Associazione Professionale di Avvocati e Commercialisti. All rights reserved. PwC
refers to the Italian member firm, and may sometimes refer to the PwC network. Each member
firm is a separate legal entity. Please see http://www.pwc.com/structure for further details.