Insights

  • Internal audit and constitutional amendments with new Code of the Economic Crisis and Insolvency

    The new Code of the Economic Crisis and Insolvency, sets up some amendments on article no. 2477 of Civil Code, modifying the part relating to the limits for adopting internal control or auditors and for the termination of their functions with respect to limited liability corporations (the Italian “SRL”) and cooperative entities. The new article […]

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  • Leverage buy-out: tax avoidance and interests paid deduction

    The Supreme Tax Court with the decision No. 868/2019 ruled that the LBO transactions cannot constitute a tax avoidance when they have an economic substance other than tax benefits. In the case in point, the activity of leveraged buy-out was about the acquisition of 50% of the capital share of a trade company by two […]

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  • Notification of legal claim to a foreign defendant

    In the recent ruling of January 31, 2019, n. 2966 the Supreme Court clarifies that the notification of acts of a procedural impulse, carried out against a foreign citizen, must follow the procedures set out in art. 142 of the Italian Civil Procedure Code, if the foreign origin of the addressee is evident from the documentation […]

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  • Register Tax proportional to 3%: partners financing with signed partners meeting minutes

    The partners’ contributions towards the company are usually divided in: in contributions made by the partners into title of financing, that foresees the registration of a debt from the society, and that they are considered as a real operation of “loan” that gives right to restitution; in contributions made in the capital account, that compete […]

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  • Deed of assignment of tax credit requested for refund in insolvency procedures

    On January 17th, 2019, the Italian Revenue Agency issued legal advice following a request upon the assignment of tax credits to be refunded, according to Article 43-bis of Presidential Decree nr. 602/1973 in case of liquidation procedures. According to the civil law, the assignment of the tax credit becomes effective from the date of the […]

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  • Italian Budget Law 2019

    On 29 December 2018, the Italian Parliament approved the 2019 Budget Law, n. 145 of 2018 published on the Official Gazette of 31 December 2018. The Law presents some incentives for innovative Startup and introduces a new version of the tax on digital services, so-called web tax. Favorable taxation for re-invested profit Law no. 145/2018 introduces, starting from the […]

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  • Transfer Pricing adjustments are not relevant for the crime of unfaithful tax return

    Transfer pricing adjustments do not amount to the crime of unfaithful tax return: this is one of the clarifications given by the Italian Finance Police. Article 4 of the Legislative Decree no. 74/2000, after the changes occurred thanks to the Legislative Decree no. 158/2015, states that the crime of unfaithful tax return occurs when, in […]

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  • Qualified investmens and Budget Law 2018

    The Budget Law 2018 changed the tax treatment of capital gains deriving from the sale of a qualified participation in the share capital of a company, with starting date January 1, 2019. Accordingly to article 67 of the TUIR (Italian Law for national income tax), qualified participations are those that grant voting right of more […]

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  • Crime of patrimonial infidelity: also partners can file the lawsuit

    The Court of Cassation recently reiterated – in line with prevailing precedents – that the standing to file a lawsuit for the crime of patrimonial infidelity, pursuant to art. 2634 c.c., belongs not only to the company, as a whole, but also, severally, to every single partner (Court of Cassation, section V, sent. n. 57077/2018). […]

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  • Registration in the VAT Informations Exchange System (VIES)

    Until now, the indications provided by Circular AE no. 39/2011 and by Resolution AE n. 42/2012 indicated that if a VAT taxable person was not registered in the VIES system, the tax regime of European transactions must not be applied. The ruling c21-16 (February 9, 2017) by EU Court overturned what the Italian financial administration […]

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  • Overlapping invoices and VAT deduction

    The period between two fiscal years is always important in order to identify the moment VAT becomes deductible on overlapping invoices, especially because of the recent changes of the rules governing this matter. In fact, the art. 14 of the Decree Law n. 119/2018 added a new period to art. 1, paragraph 1, of the […]

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  • New guidelines for voluntary jurisdiction proceedings in corporate matters

    Legislative Decree 168/2003 established Courts sections specialised in industrial property matters (now replaced by sections specialised in business matters, governed by Article 2 of Legislative Decree n. 1/ 2012, converted, with amendments, into Law n. 27/2012). In particular, these Courts are competent with regard to “cases and proceedings relating to corporate relations“, which certainly also […]

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  • Payment of the virtual stamp duty on electronic invoices

    The Ministry of Economy and Finance Decree of 28 December 2018, published in the Italian Official Journal on 7 January 2019, modifies methods of payment of the virtual stamp duty on electronic invoices from 1 January 2019. The original formulation of art. 6 of the D.M. 17 June 2014 provided that the stamp duty should be paid, […]

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  • New limit on cash payments by non-residents

    The 2019 Budget Law raised from € 10.000 to € 15.000 the maximum limit for cash payments made by non-resident citizens in relation to so-called “tourism-related transactions”. The new limit applies to payments made by non-resident citizens – both EU and non-EU – in relation to purchases of goods and services from operators listed in art. […]

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  • Obligation of electronic invoice – Criticality in relation to the Privacy regulations

    The provision of 15 November 2018 made by the Italian Data Protection Authority highlights some problematic aspects on the obligation of electronic invoicing. As we all well know, the electronic invoice, from 1 January 2019, is mandatory for all sales of goods and services provided, however, made between subjects resident or based in Italy (Article […]

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  • New tax fulfilment for non domestic transactions (Esterometro)

    Starting from 1 January 2019, a new fulfilment has been introduced, and it is called “esterometro”. The introduction of this instrument meets the primary purpose of a monthly communication to the financial administration regarding all the transactions not subject to the obligation of electronic invoicing, with particular regard to transactions from/to foreign businesses. This communication […]

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  • ATAD Directive: new Cfc rules

    The Legislative Decree No. 142/2018 about the implementation of the ATAD Directive, in force as from January 12th, 2019 for companies that close the financial statement as at December 31st, provides some news regarding the Controlled foreign company rules. In particular, based on the new rules: – the Cfc is extended to resident companies that […]

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  • EU Regulation regarding Free Movement of Non-Personal Data

    In the context of data economy and data flow across borders, the new Regulation of the European Parliament and of the Council, acknowledges the importance of the latest information and communication technology, including AI and Machine Learning, Internet of Things, 5G, Value Chains, and all the technology which makes use of electronic data in the […]

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  • The third “tax collection settlement procedure” according to D.L. 119/2018

    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 1st January 2000 and 31th December  2017, also in case of bankruptcy and restructuring proceedings under judicial oversight. The legal framework specified that to the amounts for […]

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  • Compliance letters issued by the Italian Tax Authority

    As happened last year, the Italian Tax Authority could notify to Italian taxpayers the “communication for the promotion of voluntary compliance”, better known as compliance letter, regarding financial assets and properties held abroad, for which the taxpayer did not comply with the requirements for fiscal monitoring and did not comply with the payment of property […]

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