Insights

  • Composition with creditors, tax settlement and abatement of debts

    The Supreme Court by Ordinance n. 5906/2018 stated that in composition by abatement of debts the debtor could wiped out credits with better right of priority, after paying debts for VAT and withholding tax credit. For any further information please contact our firm.

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  • Validity of the contract with the only initials of the declarant

    A contract can be considered validly concluded between the parties even with the initials of the declarant, as provided in decision no.6573/2018 of the Supreme Court of Cassation. In fact, according to the prevalent case-law, the signature of the declarant – consisting in name and surname put by himself or in identifiable initials – expresses […]

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  • Antitrust inquiry against vexatious clauses in Accident and Health insurances

    Antitrust and Ivass have started a coordinated action to investigate the existence of several clauses in the insurance policies, that do not allow the heirs of the insured to succeed in the right to compensation if “their relative dies for a different reason than the one which has determined the invalidity and before the insurance […]

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  • New section for VAT deductibility

    Decree Law 50/2017, as noted, changed the discipline related to deduction of the VAT on purchase invoices. The Revenue Agency Circular N. 1/2018 clarified that the right for the VAT deduction is recognized when the tax is due and the taxpayer owns the invoice. If the taxpayer receives an invoice related to 2017 he can […]

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  • Ue: composition with creditors and VAT deduction

    The European Court of Justice, with its holding of 22 February 2018 about lawsuit number C-396/16, clarified the conditions for the adjustment of the VAT deduction originally carried out, in the hypothesis of admission to a scheme of arrangement that involves a definitive reduction of debt obligations towards its creditors. For any further information please […]

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  • VAT deductible is granted even if there is no annual tax return

    The Supreme Court  with decision n. 4392 on 23th February 2018 stated that the Tax Office must granted the VAT tax deductible to the tax payer, if he has complied  with the necessary formal requirements, even if there is no annual tax return. The VAT credit must be used by the tax payer within the […]

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  • Next deadlines in terms of payment and Certification of Profits paid in 2017

    With the enclosed circular the Firm reports next deadlines in terms of payment: – Payment of the 2017 VAT balance, to be paid by next March 16th or, with a surcharge, by the deadline for the payment of taxes resulting from 2018 Income Tax Return. In both cases instalment payment formulas are allowed. – Payment […]

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  • Ban on late evidences for non-collaborative taxpayers

    The Supreme Court by Ordinance n. 4001 on 19th February 2018 stated that the documentation not timely produced to the tax Authority pursuant to art. 32 Presidential Decree n. 600/1973 is not an admissibile evidence. Only if taxpayers proof they’re not guilty they can produce the documentation with the appeal as expressly provided by the […]

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  • The legal person as director in a limited liability company (S.r.l.)

    The specialized section in corporate law of the Court of Milan in its judgement No.3545 of March 2017, has stated the legitimacy of the clause for which a limited company (Spa) shall be nominated as director of a limited liability company (Srl). In the event of potential detrimental acts, it is jointly responsible for the […]

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  • New rules on Swiss VAT for foreign companies operating in Switzerland

    A partial amendment of Swiss VAT law entered into force on January 1, 2018, and has an impact on businesses not established in Switzerland. As of January 1, 2018, foreign businesses pay Swiss VAT on their turnover generated in Switzerland if it generates at least CHF 100,000 worldwide. Moreover, mail-order companies with a place of […]

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  • DAT: the innovation introduced by Law No. 219/2017 on the living will

    The new law on the living will came into force on 31 January 2018 and establishes the principle whereby no medical treatment may be initiated or continued without the free and informed consent of the person concerned, except for cases expressly provided for in the law. One of the most important aspect of this law […]

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  • New rules on taxation of dividends arising from a tax haven

    The Budget Law 2018 provides that dividends paid, directly or indirectly, by companies located in a tax haven will be 50 percent excluded from the taxable income of the resident shareholder. This happens if it can prove (also through the tax ruling) that the foreign company carries out a commercial activity and pass the so […]

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  • Hotels bonus 2017

    The 2018 financial measures have provided the postponement of the tax credit for the companies operating in the touristic industry. The latter was firstly introduced by the D.L. 83/2014 and it was provided only for hotels and then also for holiday farms. The new Law postpones the tax credit for fiscal years 2017 and 2018 […]

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  • Recent changes regarding purchases of fuel and 1-2 euro cents coins

    Two innovations have been recently introduced in Italian law system: -The obligation to use specific means of payment (debit, credit or prepaid cards) for the deductibility of costs and VAT related to purchases of fuel; -The elimination of 1 and 2 euro cents coins and the consequent obligation to round off the amounts of cash […]

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  • The communication of data invoices becomes light

    According to the taxpayers’ statute, which provides at least 60 days between the new provision and the entry into force of the same, to taking into account of the new rules, the deadline for the communication of the invoices’ data for the second half of 2017 has been further extended from Feb. 28th to Apr. […]

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  • The notice in paper form of administrative decisions with digital signature is defective

    The Provincial Tax Court of Treviso with decision no. 55/01/2018 stated that the tax assessment processed by the tax office in paper format cannot have digital signature. Only the digital document notified by certified mail could be digitally signed. According to the judges, in this way the taxpayer would be prevented from any control over […]

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  • Validity of the framework investment agreement signed only by the client

    As stated in the regulation of banking and financial contracts, provided for in Article 117 TUB and Article 23 TUIF,  the framework investment agreement shall be drawn up in writing under penality of nullity. The legislation states a “nullity of protection”, that could be invoked only by the client, if considered convenient for himself. Otherwise, […]

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  • Invoices for not existing operations, The Supreme Court approve the Active Review

    The Supreme Court with decision n. 5448 on 6th February 2018 stated that the active repentance allows to settle the violations committed using invoices for not existing operations, contrary to what is claimed by the tax Authority also in Telefisco 2018. The above mentioned decision admitted the Active Review to heal fraudulent tax return as […]

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  • Article 34 Bankruptcy law – The amendments made by Budget Law 2018

    The Budget Law 2018 amended the article 34 of Bankruptcy Law regarding the bailment on compulsory liquidation’s bank accounts, enforceable’s bank accounts and bank accounts of seizure procedure. The legislative action provides that all ammounts on those checking accounts have to merge into the “Fondo Unico di Giustizia” or “FUG”, managed by Equitalia Giustizia SpA. […]

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  • Clarifications on booking terms to deduct input VAT on purchases

    The Italian Government issued a new Law last april which changed the booking terms in order to deduct input VAT on purchases. Changes entered into force on January, 1st 2017. As there have been a lot of confusion on the application of said Law, the Italian Tax Authority issued important clarifications which have been reported […]

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