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VAT recovery in the event of a defaulting debtor
The Italian Revenue Agency, through its answer to ruling no. 386/2022, published last July 20th, recently provided some clarifications on the subject of variation notes for VAT purposes. The subject of the ruling is governed by art. 26 of the Presidential Decree 633/1972, which was reformulated in 2021by means of article 18 of the so […]
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Notices of Payment: changes to deferment petitions
New changes have been made to the regulations on deferment of registered debts, thanks to taxpayers who are in an objective state of difficulty are now granted the option to apply from July 16, 2022: the division into installments of registered debts for amounts up to 120.000 euros – in a maximum of 72 installments (previous […]
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The Goodwill
Goodwill represents the set of conditions as a result of the business as a whole is worth more than the sum of the values of its individual parts (or worth less, if there is a badwill). Goodwill is thus the intangible value of a company that reflects its market position, brand recognition, customer network and […]
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Environmental offences and liability under Legislative Decree no. 231/2001
The Supreme Court (III Criminal Division – Judgment 30. May 2022 No. 21034) has recently clarified under what circumstances a company can be held accountable for environmental crimes, with reference to the issue of water pollution from industrial wastewater. Specifically, the Supreme Court has identified in which cases the environmental crime can be qualified as […]
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Foreign transactions, new data to be sent via SDI
Since last 1 July, data on transactions with counterparties not residents in Italy must be transmitted to the SDI (Interchange System) in the XML format of the electronic invoice. In fact, the communication of transactions with foreign counterparties no longer consists in a quarterly communication but of a more detailed sending of data referring to […]
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New clarifications on Transfer Pricing – Assonime’s comments
Assonime, through Circular 20/2022, summarizes some interpretative solutions of the Agenzia delle Entrate (the Italian tax authority), regarding recent regulatory references currently in force, with particular focus to Agenzia delle Entrate Circulars Nos. 15/2021 and 16/2022. The topics covered under Transfer Pricing Retroactivity of unilateral, bilateral and multilateral Advance Pricing Agreement On the subject of […]
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The new digital customs declaration
The reform of the customs declaration opens a new process for the digital transformation that will be completed in 2025. It provides for the replacement of the DAU model (Administrative Document) in favour of a new model, called EUCDM (European Union Customs Data Model) – defined at European level, according to an implementation plan foresees […]
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Innovative ACE Credit Tax
With the decree “Sostegni bis” was introduced the so called “innovative ACE”, which consists in the application of a nominal yield of 15%, instead of the usual 1.3%. Compared to the normal determination of the ACE base, the higher rate applies only to increases in own capital through cash injections and reserves of profits that […]
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The IMU declaration of Non-Commercial Entities
Regulations, exemptions, deadlines and declaration methods for IMU Entities identified by Article 73 paragraph 1 letter c) of Presidential Decree 917/1986 are exempt from the payment of IMU under Article 7 paragraph 1 letter i) of Legislative Decree 504/1992, if they own and use real estate intended exclusively for the performance of welfare, social security, […]
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Restyling of the tax calendar: The “Decreto Semplificazioni”
The D.L. 73/2022 (so-called “Decreto Semplificazioni”) was published in the Official Journal nr. 143 on the 21st of June 2022 and it contains several news that reshape considerably the tax calendar 2022. Below are summarized the most relevant. Periodic VAT Settlement Regarding the periodic VAT settlement, it has been defined the new deadline of the […]
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Tax domicile as the principal place of business and interests
The notion of tax domicile must be interpreted and evaluated in relation to the place where the individual maintains both personal and economic relations. This is what emerges from the order filed by the Supreme Court last June 6, which, in truth, follows the well-established line of jurisprudence according to which, for the purpose of […]
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News on electronic invoicing 1 July 2022
The 1st of July 2022 will be a defining moment for the way in which the transactions of various VAT taxable persons, for whom the obligation of electronic invoicing will be introduced under certain conditions. The persons affected by the new VAT rules are: flat-rate taxpayers, persons under the advantage regime and amateur sports associations; […]
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IMU 2022: Uncertainties over the Choice of the Main House
June 16 is the deadline for the advance payment of the 2022 Municipal Property Tax (IMU). In calculating this year’s[1] tax, however, one must also consider the novelty introduced by the rule that requires each household to choose only one main house to be exempted. To start with, it may be useful recalling that a […]
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Operational instructions on transfer pricing
Through Circular 16/E dated May 24th (henceforth “Circular”), the Italian Revenue Agency provided further operational instructions on Transfer Pricing. The content of the Circular rests on the centrality of the concept of “comparable transaction,” returning to the correct notion of the arm’s length interval and recalling what was clarified by the Decree of the Ministry […]
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By the 30 of June 2022 the application for the single allowance for dependent children
On June 30, 2022, there’s the first deadline for submitting to INPS the Application useful for obtaining the new Universal Unique Allowance (hereinafter UUA), which replaces most of the pre-existing IRPEF tax deductions, and not only, for dependent children. The Application submission by the 30 of June 2022 will allow interested parties to receive the UUA also for previous monthly payments, starting from March 2022 (i.e., […]
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Covid State Aid – self-declaration by 30/06/2022
Against the receipt of support measures, those who have received aid provided for in Sections 3.1 “Aid of limited amounts” and 3.12 “Aid in the form of uncovered fixed cost support” of the Temporary State Aid Framework[1] will have to submit a self-declaration for verification of compliance with the limits. The self-declaration must be submitted […]
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European Union sanctions against Russia
Following the recognition by the Russian government of the self-proclaimed republics of Donetsk and Luhansk on 22 February 2022 and the invasion of Ukraine that began on 24 February 2022, the European Union has imposed a series of new sanctions on the Russian Federation, in addition to the measures already in force since March 2014, […]
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OAM Register and Cryptocurrencies
The Ministerial Decree of January 23,2022 was published in the Official Gazzette of the Republic of Italy on February 17 ,2022, outlining the obligations that service providers relating to virtual currency[1] and digital wallet service providers[2] who intend to carry out their activities in Italy must meet. These obligations are primarily expressed in the following […]
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Amortization suspension – the extension for 2021 and 2022 is confirmed
Law no. 25/2022, which converted Legislative Decree no. 4/2022, extended the option to suspend the amortization of tangible and intangible fixed assets for fiscal years 2021 and 2022. The principal technical aspects may be summarized as follows: subjective scope: the option is granted only to entities that do not adopt international accounting standards for the […]
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New Development Contracts concerning “Strategic production chains” and “Renewables and Batteries”: opening soon to submit the application
On March 25th, 2022, Italian Ministry of Economic development has issued two Directorial Decrees setting the dates for application for funding in order to implement development project in accordance with the investment achievement of the National Recovery and Resilience Plan (NRRP). The above-mentioned Decrees refer to applications for subsidies to carry out either: Development Contracts […]
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