-
No contractual value for the written details of the essential points on which a contract is based in the course of pre-contractual negotiations
The Court of Cassation, called to rule on the claim for compensation for damages suffered as a result of the failure to stipulate a preliminary sale of a property, returns to clarify certain issues regarding the conduct that the parties must maintain during dealings prior to the conclusion of the contract. In particular, the Supreme […]
Learn More -
The judge’s non-discretionary nature for the order to produce the accounting records in the sale of the business
In the context of company transfers, pursuant to Article 2560 of the Italian Civil Code, the transferee is jointly and severally liable with the transferor for the company’s past debts resulting from the compulsory accounting records. On this subject, with order no. 13903/2020 the Supreme Court ruled that the judge is deprived of the discretion […]
Learn More -
Internal auditing for limited company and cooperative company: obligation postponed until 2022
In order to contain the negative effects of epidemiological emergency of COVID-19 on business activities, the Decree no. 34/2020, so-called “Decreto Rilancio”, signed into law, postponed until 2022 the duty to adopte internal control or auditors for limited company and cooperative company. This is what was provided by Budget Committee in article no. 51 bis […]
Learn More -
Tax credit on lease rental payments: tax codes for offsetting now available
With resolution no. 39/E of 13 July 2020 the Italian Revenue Agency defined the tax codes to be used for the offsetting of the tax credits from the lease rental payments of shops, real estate for non-residential use and business lease. Such tax credits – established to counter the negative effects from the Covid-19 – […]
Learn More -
The monitoring of profits distributed to shareholders through the capital and reserves statement
The statement of capital and reserves, contained in the RS section of the tax return model, is not merely a summary of the items reported in equity’s balance sheet. In fact, in order to compile the statement, a reclassification for tax purposes of the various items of shareholders’ equity is required. This is confirmed both […]
Learn More -
PIF Directive: increased the number of relevant offenses pursuant to Legislative Decree no. 231/2001
On July 15th, 2020, Legislative Decree no. 75/2020 was published in the Italian Official Gazette, aimed at adapting the Italian criminal law in implementing the EU Directive 2017/1371, the so-called PIF directive – protection of financial interests, on the fight against fraud affecting the Union’s financial interests by means of criminal law. The directive of […]
Learn More -
Onus probandi: difference between Civil Code and Code of Consumer
The Court of Cassation, in its judgment no. 13148/2020, published on 30 June, expressed the following principles: – the application of the rules of the Civil Code is subsidiary to the application of the rules of the Consumer Code; – the burden of proof of the consumer, according to the provisions of Article 132 of […]
Learn More -
Assets of a trust attacked by the Tax Authority
The Court of Cassation, with Ordinance no. 14201/20, has once again ruled on the claims made by the Italian Tax Authority against professional’s assets included in a trust. In the present case, the taxpayer had challenged the notice of mortgage registration issued by Equitalia, claiming that a trust had been set up on the assets […]
Learn More -
Operating instructions of the Tax Authority on Tax credit for sanitation and adaptation of working environments
The Italian Tax Authority with Circular of July 10, 2020, no. 20/E provided the first indications on the procedures and criteria for the use of the tax credit for the adjustment of the working space and the tax credit for the sanitization and purchase of protective devices according to articles 120 and 125 of Law […]
Learn More -
Duty to provide information about the user who uploaded files infringing an intellectual property right
With the recent judgment of 9 July 2020, the Court of Justice of the European Union has had the opportunity to interpret some provisions of the Directive on the respect of intellectual property rights of the European Parliament and the European Council. In particular, the Court ruled that when a film is illegally uploaded on […]
Learn More -
Taxes: extension to 20 July without interest
With the release of the Italian Dpcm in the “Gazzetta Ufficiale” on 29 June 2020, was made official the extension to 20 July of the payments due on 30 June, previously announced in a statement by the Italian Ministry of Finance (MEF). The extension is aimed at all taxpayers, to give them the opportunity to […]
Learn More -
The Right to be forgotten and the de-indexing
The Court of Cassation with the ordinance n. 9147 of last 19 May dealt again with the controversial relationship between the right to be forgotten and the right of information. Here, following its precedent, the Court reiterated that the de-indexing by the search engines, and not the cancellation from any online archive, is the appropriate […]
Learn More -
Deduction of VAT credit in case of omitted annual VAT return
By the decision no. 14055, filed on July 7th 2020, the Supreme Court ruled that the VAT credit accrued in the year in which the VAT return is omitted can be used in deduction, provided that: the taxpayer demonstrates the existence of his right to deduct; this credit is included, at the latest, in the […]
Learn More -
Extension of the split payment to June 30th 2023: the MEF press release has been published
With press release n. 158 of July 3rd 2020, the Ministry of Economy and Finance (MEF) has officialised the extension of the split payment mechanism until June 30th 2023, and the decision will be formally adopted and published in the Official Journal of the European Union once translated in every official languages of the European Union. The […]
Learn More -
VAT refund and request of taxpayer as non-resident
The European Court of Justice, with the decision of 11 June 2020 on the C-242/19 case, made some clarifications on the following points: 1. interpretation of art. 17, paragraph 2, letter g) of the VAT Directive (2006/112/CE); 2. provisions of the art. 2, paragraph 1, and art. 3 of the VAT Refund Directive (2008/9/EC). This […]
Learn More -
Mapping of foreign subsidiaries and regulations on Controlled Foreign Companies
The emergency at Covid-19 is forcing Italian companies to deal with the delicate management of short-term problems, first of all obtaining the necessary liquidity. This context would lead to an avoidable neglect of medium/long-term commitments, such as the calculation of taxes, which, if not properly assessed, will result in additional burdens for Italian companies. From […]
Learn More -
Unlimited liability of the liquidator to dissatisfied creditors for violation of the par condicio creditorum
The Third Civil Chamber of the Supreme Court, by order no. 11304 of 12 June 2020, ruled on the ‘unlimited’ liability of the liquidator towards the company’s creditors who were dissatisfied if the principle of par condicio creditorum was violated. Where, following the cancellation of the company (pursuant to art. 2495, paragraph II, of the Italian Civil Code), the […]
Learn More -
Shareholders or Board of Directors, who is entitled to resolve the transfer of the unique business unit owned by a limited liability company?
With the recent ruling no. 1722/2020, dated 27 January 2020, the section specialized in business matters of the Court of Rome disposed the nullity, due to the contrariety of mandatory rules which fix the shareholder’s powers, of the contribution in kind of the unique company’s business unit in favour of a newly incorporated company carried out by a […]
Learn More -
The validity of the russian roulette clause confirmed by Court of Appeal
The legitimacy and validity of the russian roulette clause was confirmed by the Court of Appeal of Rome, which upheld the judgment of the Court of Rome stated in 2017 in which the Court ruled on the merits, pursuant to Article 1322, paragraph 2, of the Italian Civil Code, of the clause included in a shareholders’ agreement. […]
Learn More -
First playable fund: Italy encourages video games development
In order to encourage the digital entertainment, the Italian Government provided a Digital Entertainment Fund, the so called “First Playable Fund”. In particular, resources are available to facilitate the development of the Italian video games industry, with the aim of supporting the design and the pre-production phases that are necessary for the creation of prototypes. […]
Learn More