On 15 May 2018, Italy's Ministry of Finance announced the issuance of the Ministerial Decree of 14 May 2018, which provides guidance on the application of the arm's length principle in line with the OECD guidelines. The Decree is issued in relation to the amendment in 2017 of the definition of "normal value" for the purpose of the arm's length principle under Italian law, which includes that items of income arising from intercompany transactions carried out with non-resident associated ente…