Insights

  • The tax undue refund is deemed to be an omitted payment of a tax

    The Supreme Tax Court with decision no. 20585 of 19 July 2021, ruled that in case of undue refund, pursuant to Article 13 of Legislative Decree no. 471 of 1997, the Tax Authority shall apply administrative penalties for omitted payment of a tax. In the current case, a company filed an appeal against a tax […]

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  • Sostegni-bis Decree: the new sanitation tax credit 2021

    With Measure no. 191910 of July 15, 2021, the Revenue Agency defined the criteria and procedures for the application and use of the sanitization tax credit recognized for expenses incurred in June, July, and August 2021. Article 32 of Law Decree 73/2021 (so-called Sostegni-bis) provides for a “theoretical” tax credit equal to 30%, up to […]

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  • Early termination of the office of sole auditor in LLC: the appointment of an alternate auditor is possible even in the absence of a specific provision in the Articles of Association

    With Case no. 3/2021, Assonime[1] returns to the debated issue of the compulsoriness or possibility of appointing an alternate auditor in case of a monocratic control body of a Limited Liability Company, admitting that it is possible “also at the time of the assignment of the auditing function, to appoint, in addition to the effective auditor, the […]

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  • Exclusion of the absentee shareholder in the corporation

    The Triveneto Notary Committee, in the absence of the law, has considered necessary to elaborate a suitable instrument to allow the exclusion of absentee shareholder in the corporation. In particular, the status of shareholders in capital companies, unlike that in partnerships, is not linked to the figure of the shareholder as a person, but the […]

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  • Green Bonds

    Green Bonds are financial instruments, more precisely debt instruments, which issuance is linked to projects that have a positive environmental impact: energy efficiency, renewable energy, sustainable management of living natural resources in particular land and water, pollution prevention, waste management, green buildings, and clean transportation. The First Green Bond on the market was issued by […]

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  • Copyright on fictional characters: when what makes a character iconic is the actor and not its creator

    Characters of literature, comics, television or cinema can be protected under Italian copyright law (Law n. 633 of 1941) like any other intellectual property work.  To be granted such rights, a character must display certain features. In particular, according to Italian jurisprudence, a character is a “subject which is the result of an autonomous and […]

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  • Tax credits: new offsettable limit for 2021 with “Sostegni bis” Decree

    Maximum limit of tax credits that may be offset in the F24 form is raised to 2 million euros, only for 2021, notwithstanding the current regulations. This is what will be provided by Article no. 22 of Decree Law no. 73/2021, so-called “Sostegni bis” Decree, which came into force on May 26, 2021, and which […]

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  • Fraudulent tax avoidance: new ruling of the Court of Cassation

    As you know, art. 11 of Legislative Decree no. 74/2000 provides that: “commits the crime of fraudulent subtraction to the payment of taxes anyone, in order to avoid the payment of taxes on income or value added or interest or administrative penalties in respect of such taxes of a total amount exceeding EUR 50000, sell […]

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  • M&A activity: Italy and Iberia 2021 figures

    We think that it may be interesting to analyse M&A activity before and after the advent of Covid-19, for this reason the report published by Datasite, the global leading provider of Saas services for the M&A sector, has been taken as a reference. Indeed, Datasite in partnership with Mergermarket, a business development tool designed specifically […]

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  • Fixed penalties for omitted IMU form with the payment of the taxes

    In situations of purchase or sale of property,the obligation to submit the IMU and TASI formi is triggered. This formi is a communication to the tax authorities that in the previous year the taxpayer took possession or sold a real estate unit. It has to be submitted by 31 December of the year following the […]

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  • INPS revises the calculation basis for artisans and merchants of SRL

    News of great interest to many small and medium-sized enterprises: with Circular letter No. 84 of 2021, INPS revises the contribution calculation basis for determining the contributions of artisans and merchants.  The change follows the compliance of the Ministry of Labour and Social Policies with sentence no. 23790/2019 of the Court of Cassation, which reiterated […]

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  • The donation of works of art and the related economic rights

    The donation of a work of art, as well as its sale, does not imply the simultaneous transmission of the related economic rights from the donor to the donee. The confirmation comes from the Court of Cagliari that, on March 27, 2021, affirmed (or rather, reaffirmed, rejecting the appeal of the losing party) that the […]

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  • Extension of the Non-Financial Declaration to SMEs

    The European Directive proposal No. 2021/0104 of April 21st 2021, represents a first step towards in order to expand the complete set of regulations on financial reporting and Non-Financial Disclosure. The main change contained in the proposal concerns a significant increase in the number of entities that have to prepare a Non-Financial Declaration. The obligation […]

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  • Bankruptcy in extension: the instance cannot be proposed personally by the Curator without the attorney’s ministry

    In the present case, the judges of legality have had the opportunity to examine two questions: the first on the active legitimacy of the Administrator for the bankruptcy action under art. 147 paragraphs 4 and 5 L.F. without having recourse to the ministry  of a lawyer; and the second, if (and to what extent) the absence […]

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  • Green Deal e nuovi obblighi di rendicontazione non finanziaria

    A dicembre 2019 la Commissione Europea ha annunciato il Green Deal Europeo, ovvero il nuovo piano d’azione per trasformare l’Unione Europea in una “società giusta e prospera, con un’economia di mercato moderna e dove le emissioni di gas serra saranno azzerate, e la crescita sarà sganciata dall’utilizzo delle risorse naturali”. Per il raggiungimento di tali […]

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  • Uncollected VAT recovery in bankruptcy proceedings: new terms of issue for credit notes with “Sostegni bis” Decree

    Faster recovery times for VAT credits. This is what will be provided by Article no. 18 of “Sostegni bis” Decree, which will rewrite the wording of Article no. 26 of Presidential Decree no. 633/72, regarding terms for issuing VAT credit notes. With regard to bankruptcy proceedings, VAT credit notes will be issued by provider as […]

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  • Revaluation reserve: taxation only in case of distribution to shareholders

    The revaluation of business assets, with tax recognition through the payment of a 3% substitute tax pursuant to Article 110 of Legislative Decree 104/2020, entails the recognition in equity of a reserve equal to the higher value attributed to the assets net of the substitute tax payable. If not franked by payment of the 10% […]

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  • The “suspension” of depreciation

    In the context of the epidemiological emergency from Covid 19, the Goverment provided throught he Legislative Decree 104/2020for the  companies that prepare financial statements without the adoption of international accounting standards, the suspension of the imputation, in whole or in part, of the depreciation in the financial statements for the current financial year. The aspects […]

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  • Misapplication of VAT in distance sales

    With Interpretation no. 246 dated April 14, 2021, the Revenue Agency expressed its opinion on the incorrect application of VAT within the sphere of intra-Community distance selling. Distance sales of goods to private individuals in other Member States are to be considered non-taxable in Italy and relevant in the State of destination of the goods, […]

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  • The “sterilisation” of losses: the interpretation provided by the Triveneto Notary Committee

    After the spread of the Covid-19 pandemic, the Italian Government launched several measures aimed at supporting companies in crisis. These measures include the provisions of Article 6 of Decree-Law no. 23/2020, converted with amendments by Law no. 40 of 5 June 2020 and subsequently amended by Article 1, paragraph 266, of the 2021 Budget Law. […]

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