Insights

  • Withholding tax obligation and data reporting for short-term rentals also for Airbnb

    From 2023 Airbnb will apply the legislation on short-term rentals and will have to apply 21% withholding taxes on rental payments paid to owners who operate outside the corporate regime, as well as transmitting the data and information relating to intermediated short-term lease agreements. “Short-term leases” are lease agreements for residential properties with a duration not exceeding […]

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  • Electronic invoicing: extension of the ban on health services

    The Milleproroghe Decree, approved by the Council of Ministers on 21 December 2022, confirms the ban on issuing electronic invoices for health services also for the year 2023. This decision derives from the fact that the Privacy Guarantor has detected critical issues on the sending of data concerning the health of citizens, as issuing the […]

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  • IMU declaration 2022×2021: submission extended to 30 June 2023

    The obligation to submit the IMU declaration for the 2021 tax year was extended from 31 December 2022 to 30 June 2023 following the approval of the Decreto Milleproroghe by the Council of Ministers on 21 December 2022. The submission must be made using the new form approved by the Ministerial Decree 29.07.2022. The declaration […]

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  • New UAE corporate tax

    To support small businesses and startups, the UAE tax rate from 2023 will be 0% for taxable income below 375,000 dirhams or ($102,000) and 9% for taxable income above that. For the first time in their history, as of June 1, 2023, the UAE will introduce the “federal corporate tax” that will hit corporate profits. […]

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  • VAT down payment 2022

    December 27th is the stated deadline for paying the year-end downpayment of VAT for tax year 2022. The amount to be paid can be computed by three different methods: historical method forecasting method method of operations “carried out”. The historical method determines the VAT down payment due based on the 88% of the VAT due: on […]

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  • Legal interest rate at 5% from 2023

    The Firm announces that, with effect from January 1st, 2023, the legal interest rate set out in Article 1228 of the Italian Civil Code, will be increased from the current 1,5 percent to 5 percent. This amendment was published in the Italian Official Gazette no.292 of 15 December 2022, according to the MEF decree of […]

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  • Research, development and innovation activities: Andersen’s guide to incentives in Europe

    Using a cross-border approach, the Andersen European Business Incentives and Tax Credits service line developed a detailed examination of R&D incentives in 24 Member States and in Albania, Switzerland, and the United Kingdom. Activities related to research, development, and innovation (R&D&I) are crucial for enterprises. The EU has started a number of multiyear R&D framework […]

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  • The M&A market in Europe: 2022 and expectations

    In 2021, the mergers and acquisitions (M&A) market in Europe exceeded all expectations, setting a record that will be hard to beat. The circumstances were indeed favorable: after a pandemic in which the economy suffered an unexpected halt, factors such as economic growth due to the return to activity, the need for companies to adapt […]

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  • Sustainable Economy: the European Parliament approves the Corporate Sustainability Reporting Directive (CSRD)

    On November 10, the European Parliament approved the Corporate Sustainability Reporting Directive (CSRD), which obliges large EU companies to regularly publish their information on the societal and environmental impact, planet, and sustainability risks. This should reduce greenwashing and promote international and transparent ESG standards. The new CSRD will start applying between 2024 and 2028 depending […]

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  • New facilities for digital transition for cultural and creative activities

    With public notice of 19 October 2022, the Ministry of Culture has granted, to the actors in the cultural and creative sectors, the possibility to access a non-repayable contribution to facilitate the digital transaction. The aim of the measure, which is part of the PNRR, is to facilitate and support the use of digital technology […]

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  • Contributions granted after covid emergency

    Subsidies granted and disbursed to companies and self-employed persons by a Province do not have tax relevance, even if given and paid after the conclusion of the Covid-19 state of emergency, ordered by the Council of Ministers on 31 March 2022. This was clarified by the Revenue Agency responding to interpello n. 516 on 18 […]

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  • 770/2022: transmission and news 2022

    Next October 31, 2022, is the deadline for sending the 770/2022 for the 2021 tax period. Form 770 is the declaration that must be used by withholding agents, to communicate to the Revenue Agency the tax data relating to the withholdings made in the previous year, the relative payments and compensations made, the summary of […]

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  • Litigation & arbitration service line newsletter: rebus sic stantibus and force majeure clause

    The new edition of the Litigation & Arbitration service line newsletter is dedicated to extraordinary change in economic relations, with a special focus on Belgium, Germany, Hungary, Italy, Macedonia, Malta, Poland, Romania, Slovenia, Spain and Switzerland situations. In this publication, we address two constructs that will be the most common basis for legal claims: the […]

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  • European Commission’s Carbon Border Adjustment Mechanism

    European Commission’s Carbon Border Adjustment Mechanism, in fight against climate change and related unfair competition, will impact importing in the EU as from 2023 The Carbon Border Adjustment Mechanism (CBAM) is a levy on carbon intensive products (e.g. cement, iron, steel, aluminium, fertilizers and electricity) imported into the European Union from third countries where carbon […]

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  • Renegotiation according to good faith

    The pandemic phenomenon due to the spread of the Sars-Cov-2 virus, first, and the war in Ukraine, then, affected, respectively, the healthcare and humanitarian aspects, having, as the lowest common denominator, the ability to change the legal and economic context at a global level. If, during the pandemic period, an economic crisis ensued as a […]

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  • Data Protection Board: green light for a centralised anti-money laundering database

    The Data Protection Board issued a positive opinion on the amendment that has been presented to Legislative Decree no. 231/2007 on the prevention of the use of the financial system for the purpose of money laundering and terrorism financing. In particular, the proposed amendment supported by the Data Protection Board envisages the establishment of a […]

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  • Energy subsidies: funds for Third Sector Entities

    To support the higher costs incurred for the purchase of electricity and natural gas, the enactment of the so-called “Aiuti-ter” decree, D.L. 144 of 2022, introduced specific funds in favour of non-profit entities. Specifically, Article 8 of the aforementioned decree has established two different funds: A first fund, with a total endowment of 120 million […]

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  • Tax credits for companies not considered as high gas and energy consumers for the months of October and November 2022

    The Decree D.L. 144/2022 extended the credit already provided for the third quarter for the months to October and November and partially modified the provisions of the previous quarters (see the previous news https://it.andersen.com/en/tax-credits-for-companies-not-considered-as-high-gas-and-energy-consumers-for-second-and-third-quarter-2022/).   Natural gas tax credit The tax credit is equal to 40% of the expenses incurred in October and November 2022 […]

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  • The ad nutum withdrawal of a LLC shareholder: unlawful if the company is established for a fixed term, even if the term is particularly long

    Supreme Court of Cassation, September 5, 2022 – order No. 26060. A LLC shareholder may withdraw ad nutum and, therefore, at any time and with no reason, solely when the company is established for an unlimited term. The appealed verdict A limited liability company, incorporated until 2050, appealed to the Court of Cassation against the […]

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  • IMU tax credit for the tourism sector

    The Revenue Agency, with provision no. 356194 of 16 September 2022, defined the rules and procedures for submitting the application to take advantage of the IMU credit provided for in Article 22 of Decree-Law no. 21 of 21 March 2022. The facility provides for a tax credit equal to 50 per cent of the amout […]

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