Insights

  • Italy implements transfer pricing and patent box regime

    Italy enacted into law important changes to its transfer pricing and patent box regime. Law Decree n. 50/2017 replaces the concept of “normal value” with a transfer pricing method that is in line with the OECD arm’s length principle, adds corresponding adjustments to Italian tax law, and updates the list of intellectual property that can […]

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  • Innovative start up

    Decree-Law 179/2012 has introduced into the Italian legal system a definition of a new innovative enterprise of high technological value, the (called) “innovative startup”. The policy for innovative startups became stronger in the last years by several subsequent legislative interventions. The Stability Law for 2017 has improved and broadened the range of benefits in favor […]

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  • Corrective budget adjustment 2017

    The corrective fiscal package called “Urgent measures in financial matters, initiatives in favor of local authorities, further measures for areas affected by earthquakes and measures for the development”, was approved by the Cabinet in its meeting of April 11 2017, and amounted to more than 3,4 billion euros. The measure contains a series of measures […]

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  • Corrective action 2017 – VAT deduction

    The new provision, by reformulating art. 17-ter of Presidential Decree No 633/72, reduces the right to deduct the tax on goods and services purchased or imported, by exercising it at the time when the VAT becomes due and, at the latest, with the declaration relating to the year in which the right to deduct has […]

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  • Voluntary Disclosure bis: our insights

    The Government re-opens the terms of the so-called Voluntary Disclosure procedure. Taxpayers that have already taken advantage of the ‘first window’ will not have access to the procedure. To benefit from the Voluntary Disclosure-bis, the taxpayer must: submit an application to the Italian Revenue Agency correcting violations made up until 30 September 2016 (i.e. for […]

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  • Rent-to-buy: our insights

    The “rent-to-buy” agreement, with the tight credit market and stricter down payment requirements, has emerged as a trend for people who otherwise would not be home buyers. Rent-to-buy is a particular kind of contract, introduced by D.L. 133/2014. It is a hybrid contract, halfway between sale and lease. The landlord delivered the property to the […]

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  • Corrective action 2017 – Off-setting and compliance

    Decree 24 April 2017 n. 50 foresees the tightening of the restrictions on the use of tax credits off-setting, pursuant to art. 17 of Legislative Decree no. 241/97 (ie “horizontal compensation”), as well as modification of the ways in which the same compensation can be made by taxpayers. Under the first aspect, the threshold beyond […]

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  • Italian PIRs, saving plans

    The Budget Act 2017 (Legge di Stabilità 2017) has introduced the possibility for asset managers to establish tax-exempt investment plans at no extra costs for individual retail investors (piani individuali di risparmio or PIR), the Italian equivalent of the French plans d’épargne and the UK individual saving plans. The objective is to channel family savings […]

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  • Corrective action 2017 – split payment

    The split payment mechanism, governed by art. 17-ter of Presidential Decree n. 633/72 provides that VAT payable on supplies of goods or services provided by the supplier at the time of issue of the sales invoice, be paid to the treasury directly from the transferee of the operation. In essence, the purchaser “retains” the input […]

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  • Abrogation of voucher – instructions

    With the approval of the ddl n. 2784 as conversion of the Decree Law 25/2017 the provisions concerning occasional work accessory (the voucher) introduced by Legislative Decree n. 81/2015 have been canceled. The provision, however, states that vouchers can be used until December 31, 2017 provided that they have been required within the date of […]

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  • Unlawful assessments of the Tax Authority

    The Commissione Tributaria Regionale di Milano (the Tax Court of second instance) reiterated that the tax assessment notice by the Tax office about Life Portfolio International policies stipulated with Credit Suisse before fiscal year 2009 are unlawful (judgment no. 872 of 6th March 2017). The Tax Court of second instance considered the retroactive application of […]

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  • The “Scrapping”of payment demands

    The deadline for submitting the declaration for access to the simplified procedure to settlement the roles and executive investigations entrusted to the Recovery agent from 1st January 2000 to 31 December 2016, introduced by art. 6 of D.L. 22 October 2016, no. 193, is 21st April 2017. The taxpayer may wind up administrative-tax fines and […]

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  • Lombardy Region is financing the most attractive Municipalities

    Lombardy, with more than 6.389 foreign invested companies, is an important market for investors and the largest recipient of foreign direct investments in the country. With the project AttrACT, in collaboration with Unioncamere Lombardia and Promos – Invest in Lombardy, the region want to boost Lombardy’s attractiveness and competitiveness. The new political measure called AttrACT aims […]

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  • New rules for the VAT warehouse

    For any further information please contact our Firm.

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  • Supporting the “Industria 4.0” plan

    The last italian budget law extended the maxi discount, on the purchase of tangible assets by entrepreneurs and professionals, until December 31st, 2017. This facility allows the application of an increase of 40% on the deductible cost of the asset (super depreciation). The facility also covers motor vehicles purchased from January 1, 2017. In this […]

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  • Touristic locations: our insights

    Widespread phenomenon in art cities, and all the turistic cities in general, it is of interest for private owners who rent their residential properties with short-term leases and without the provision of those additional services.

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  • Benefit Corporations

    B Corps are certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. Today, there is a growing community of more than 1,000 Certified B Corps from 33 countries and over 60 industries working together toward 1 unifying goal: to redefine success in business. Paolo Trevisanato, managing […]

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  • The self-defense and the Revenue Agency

    The self-defense is the possibility that every public administration has to correct its own errors without the need for a judicial decision. The Revenue Agency makes the correction either on request of the taxpayer or on its own initiative. It is not necessary for the taxpayer to have submitted an appeal to the Tax Commission. […]

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  • TR Model updating: no guarantee required

    The taxpayers, even if they are considered risky, will no longer be required to get a bank guarantee for VAT refunds higher than 30.000 euro, as long as they adhere to the system of “adempimento collaborativo” or “programma di adesione” made by the Italian Revenue Agency. Definitely, this is the main update of the TR […]

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