Insights

  • MNE with ongoing operational losses: automatic tax adjustments and construed solely on a presumptive basis are forbidden

    The Regional Tax Commission of Lombardy (judgment 928/20/2019) comes back to the issue of companies that are in permanent loss. In the case at stake, the Italian company belonging to a multinational group operating in the pharmaceutical sector, had recorded operating losses beyond the start-up period (from FY1997 to FY2013), while at the consolidated level […]

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  • Synthetic Indices of Tax Reliability (ISA)

    The ISA represents a new tool, through which it is intended to provide, to professionals and companies, an accurate and transparent feedback. ISA are indicators constructed with a statistical economic methodology based on accounting and structural data and information, related to several tax periods, which allow economic operators to independently assess their position and verify […]

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  • Compensation of VAT paid for the settlement concession of a tax audit report

    With reply to ruling n. 349 on August 28th, 2019 the Italian Revenue Agency recognized the possibility to claim for compensation from their assignee/customer, for those who have defined a tax audit report (so-called PVC) pursuant to art. 1 of Legislative Decree 119/2018. According to the provision of art. 60, par. 7, of Presidential Decree […]

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  • Company’s directors, professionals or part of a corporate body?

    The management of a company, regardless of how it is structured – BoD, SD, joint or separate administration – is the centre of the entire corporate governance. It is probably the importance of such role that has attracted the attention of the jurisprudence and doctrine that in recent years has been characterized by a huge […]

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  • New deadline for income tax payment on October 30th with the surcharge of 0,4%

    The Italian tax revenue agency with the announcement n.71/E of August 1st 2019, has clarified the possibility to pay direct taxes scheduled for September 30th on October 30th with the addition of 0,4% on the total amount due. Taxpayers can pay in three instalments; the deadlines for the payment are scheduled in different days between […]

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  • Mandatory attempt at conciliation in injunction procedure in the field of telecommunications

    With the recent ordinance no. 16594/2019, the Supreme Court referred to the Joint Session the following questions: (i) whether the attempt at conciliation is mandatory in injunction procedure in the field of telecommunications, or not; (ii) in case of positive answer, in case such obligation is not fulfilled, whether the injunction procedure can proceed or […]

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  • Quarterly VAT credits transferred to the Group tax filing system

    According to the Art. 12 – sexies of DL 34/2019 there should be the possibility to transfer the quarterly VAT credits to the Group tax filing system in order to offset them with the Corporate income tax due by the parent company. In this regard, note that Article 7, paragraph 1, lett. b) of Ministerial […]

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  • Obligation to appoint the supervisory body/auditor. How to calculate the average number of employees.

    Article 2477, paragraph 2, c.c. has revised the limits for the appointment of the supervisory boards. It requires the mandatory appointment of a supervisory body/auditor if the company has exceeded at least one of the following limits for two consecutive years: total balance sheet assets over 4 million euros; revenues from sales and services over […]

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  • July 31 st 2019: Deadline for the payment of the first or only rate of “Rottamazione – ter”

    The taxpayers who on 30 April had adhered to the preferential definition, provided by the tax-related to budget law DL 119/2018, by the date of 31 July will have to pay the first or only installment provided for by the plan. The taxpayers shall pay the remaining debt free of penalty and default interest, alternatively: […]

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  • The active repentance considers the pro rata for misteks on exmpt transtaction

    Taxable people VAT who, after an incorrect registration, should realize that they have included tax-exempt active transactions rather than taxable transactions, in order to regularize such transactions, they can use the active repentance. The inaccuracies may be attributable to the incorrect documentation and registration of taxable transactions for vat purposes under the Art.6 c.1 D.lgs […]

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  • Notarized power of attorney abroad: when can it be considered valid?

    The power of attorney to sell issued abroad is valid in Italy if it meets the authentication requirements required by national law: therefore, the foreign notary, in accordance with the provisions of art. 2703 c.c., must certify with certainty the identity of the subscriber and also that the signature of the latter is affixed in […]

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  • Exiting perpetual LLC

    With regard to the withdrawal of a shareholder from a LLC, the Italian Civil Code does not identify the moment of effectiveness of the exit and its consequent effects, without prejudice to the problem of the status socii following the declaration of withdrawal and the rights of exiting shareholder before the reimbursement of its quota. […]

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  • Sending commercial communications to fidelity card holders

      The Guarantor for the protection of personal data, with the newsletter no. 456 of 22 July 2019, stresses the illegality of sending commercial communications (so-called spam) addressed to holders of fidelity cards that have not expressed a specific and free consent to the use of their data for marketing purposes. The provision of the […]

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  • CONSOB launches a public consultation on its hypotheses of exemption from the declaration of intent

    Article 120, paragraph 4-bis of the Consolidated Law on Finance (TUF) provides that anyone who purchases a stake in quoted issuers equal or above the thresholds of 10%, 20% and 25% of the relevant share capital in listed companies shall state the objectives she intends to pursue in the following six months. The purpose of […]

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  • Income tax payment – deadline postponed to September 30th

    The D.L. 34/2010 has ruled the postponement the deadlines for the payment of direct taxes and VAT – previously scheduled for July 1st – on September 30th. The following taxpayers will benefit from the postponement: companies, sole entrepreneurs and professionals subjected to the I.S.A. (i.e. tax reliability indexes); taxpayers that have reported income of less […]

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  • The third “tax collection settlement procedure”: the new deadline to 31st July

    The D.L. n. 34/2019 (so-called “decreto Crescita”) fixed the new deadline to 31st July to submit the declaration for access to the “third tax collection settlement procedure”. The Article 3 of the D.L. 119/2018 introduced the possibility of benefiting from the third “tax collection settlement procedure” for payment demands entrusted to the Collection Agent between […]

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  • Nonprofit companies and insolvency proceedings

    Nonprofit entities may carry out economic activities in order to achieve their institutional purpose, in accordance with the law and their articles of association. Consequently, if the activity in question fulfills the requirements established by paragraph 2082 of the Italian Civil Code and it is one of the activities listed in the following paragraph 2195, […]

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  • Third sector: statutory adjustments for ONLUS, ODV and APS

    Article 101, paragraph 2, of the Third Sector Code referred to Legislative Decree no. 117 of 2017, provides that entities registered in the ONLUS Registers, Voluntary Organizations and Social Promotion Associations “shall comply with the mandatory provisions (of the Code) within twenty-four months from the date of its entry into force”, being able “within the […]

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  • VAT Group: the Italian Tax Authority clarifies the application of Italian VAT Grouping rules with ruling n. 222/2019

    VAT Group: the Italian Tax Authority clarifies the application of Italian VAT Grouping rules with ruling n. 222/2019 On July 1st, 2019 the Italian Tax Authority issued clarification in the ruling n. 222/2019 concerning the application of VAT Grouping legislation as per Presidential Decree no. 633/1972, DM 6 April 2019 and Circular letter no. 19/E/2018. […]

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  • Growth Decree: VAT trimestral credits’ credibility

    Article 12-sexies of DL 30/04/2019 n. 34, modified article 5, subparagraph 4-ter of the DL 70/88, introducing the possibility for taxable persons to transfer/sell their VAT credits accrued in a single quarter. The previous version of the VAT law allowed exclusively transferability to VAT credit accrued at the end of a calendar year. The discrimination […]

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