Insights

  • Application of the new e-invoicing technical specifications delayed to January 2021

    The new technical specifications for the e-invoicing, whose application was foreseen from May 4th 2020 (with a transition period up to September 30th 2020), has been recently postponed due to the current Covid-19 pandemic. According to Revenue Agency’s provision n. 166579/2020 of April 20th 2020, the new technical specifications (version 1.6.) will be now applicable […]

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  • Flat tax regime: new important clarifications

    The Revenue Agency, through a series of recent rulings on the flat rate tax regime (referred to in art. 1, paragraphs 54 to 89, Law no. 190/2014) has provided important clarifications with particular reference to the related impediments. The aforementioned pronouncements are as follows: – n. 102 of 14 April, regarding the limit of € […]

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  • European Commission: use of the framework on public procurement during the emergency

    The emergency situation related to the COVID-19 crisis requires that public buyers in the Member States have to ensure goods and services to deal with such emergency at very short notice. The European public procurement framework provides all necessary options for the purchase as quickly as possible of supplies, goods, and services of first necessity. […]

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  • Put option: Supreme Court explains the relationship with the so-called “patto leonino”

    The Supreme Court states the validity of a put option clause which is negotiated in a private equity deal with which a shareholder (usually the entrepreneur) undertakes to purchase, in a given time period, the shares of the other shareholder (the investor) at a predetermined price. Such price aims to indemnify the investor against entrepreneurial […]

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  • Defamatory publication: the proof of the damage to a person’s reputation is mandatory

    The reputation’s damage suffered by a person as a result of a defamatory article does not exist “in re ipsa”, and must therefore be proved by the person seeking compensation. Since the damage is often intangible, the use of prognostic assessments and presumptions is permitted, as long as they are based on objective elements, which […]

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  • Shareholders loan repayment: general journal entries as evidence

    According to a recent decision by the Italian Supreme Court, general journal records are documentary evidence admissible in court, but such records alone are not enough to prove the debit of the company to be real. There should also be further evidence to establish a point put forward by a shareholder (in order to prove […]

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  • Liquidation Trust: disputes relating applicable taxes

    The Supreme Court of Cassation through Sentence no. 5766 of 3 March 2020 affirmed that donation tax can also be applied to liquidation trust only in certain cases. -If the contracting parties want the real and final transfer of the shares and related rights to the trustee and the consequent real enrichment of the beneficiary, […]

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  • New invoice codes for use the plafond

    With the provision No.99922/2020, the Revenue Agency has introduced new encodings for the correct transmission of e-invoices by Sdi. These changes affect, among others, who wish to obtain the status of regular exporters in order to accrue the plafond for the purchase of goods and services without VAT application. The new encodings concern the type […]

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  • The withdrawal from partnership of limited company with an excessively long duration

    The Italian Supreme Court with the ruling number 4716 of the last 21st of February has stated on the exercise of the right of withdrawal in the corporate area, in particular with regard to a joint-stock company whose duration had been fixed until 31st December 2100 and whose Articles of Partnership expressly excluded the right […]

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  • Merger leveraged buyout

    Merger leveraged buyouts (MLBO) are regulated by art. 2501-bis of the Civil Code: these are mergers of companies following transactions of leveraged buyouts (LBO). LBOs are acquisitions of another company (target) using a significant amount of borrowed money to meet the cost of acquisition; the assets of the acquired company are often used as collateral […]

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  • Limits of the liquidator’s liability to unsatisfied corporate creditors

    When should the liquidator of a limited liability company be liable to unsatisfied creditors of the company after the striking off the company from the Commercial Register? At the beginning of 2020, the Judges of the Court of Cassation gave a comprehensive answer to this question. By means of the order no. 521 of 15 […]

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  • The S.r.l. shareholder cannot be excluded if in arrears in the subscription of the company capital increase

    The Italian Supreme Court with the ruling number 1185 of the last 23rd of January has stated that, under art. 2466 of the civil code, the S.r.l. shareholder holding the quota starting from the company incorporation cannot be excluded from the company if she is in arrears in the execution of the payments following the […]

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  • Waiver of credits taxed by the partners

    The Court of Cassation, with sentence no. 2057 filed on 30 January 2020, ruling on the case of a foundation that had waived in 2009 the receivable relating to interest accrued on loans granted to an investee company, returned to the issue of the tax treatment to which shareholders’ receivables should be subject in the […]

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  • No simplification on the guarantee for the VAT refund of an Italian PE

    An Italian PE submitting a VAT refund cannot benefit from the simplifications on the guarantee. This is the answer given by the Revenue Agency to ruling no. 42, which clarified the requirements for the submission of the VAT refund request by an Italian permanent establishment of a non-resident subject, establishing in this regard that it […]

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  • Self-money laundering if money transfer for invoices for non-existent transaction

    The Supreme Tax Court with the decision n. 6397/2020 ruled that the entrepreneur who transfers money to pay the invoices for a non-existent transaction and then receives the same money, previously paid by wire transfer, commits the crime of self-money laundering as per art. 648 ter1 of the Italian Criminal Code. An Italian company has […]

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  • The employer according to legislative decree 81/2008 (“Testo Unico Sicurezza”)

    The identification of the employer is not always a matter of easy solution, since, especially within companies with complex structures, it is possible to identify multiple subjects assigned to satisfy the position of guarantee assumed by the person who, according to the Testo Unico Sicurezza, has the qualification of employer. The purpose of this study […]

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  • Black list EU: additional countries

    The Economic and Financial Affairs Council on 18th February, 2020 adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes. The EU decided to include the following jurisdictions in its list of non-cooperative tax jurisdictions: Cayman Islands Palau Panama Seychelles. The Council cleared and removed from the black list 16 jurisdictions that […]

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  • Art. 2476, par. 2, of Italian Civil Code and holding companies

    Between legitimate enforcement of the right and abuse of it It is well known that article 2476, paragraph 2, of the Italian Civil Code, provides the right of the quota holder of a limited liability company to ask information about the business of the company and to make inspections in order to verify the related […]

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  • Inbound employees tax regime: extension with a child born after residency relocation

    Article 16 of Legislative Decree 147/2015 introduced into the Italian legal system a particular tax regime for “inbound” employees designed to act as a further incentive to transfer their residence in Italy. This particular tax regime provides that, for persons who move to Italy, the income from employment, self-employment and business is taxable for the […]

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  • INTRASTAT: relevance of registration to VIES and new evidence about release of assets/goods from the Country

    The elements characterizing intra-Community trade are summarized below: the transaction must relate to tangible movable property shipped or transported by the seller or purchaser or by third parties on their behalf from one Member State of the EU to another; the transaction must take place between a taxable person (buyer) and a taxable person (seller) […]

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