Insights

  • Dividends from non-resident companies located in low-tax jurisdictions

    The Tax Authority with ruling no. 587 of 16th December 2020, provided some clarifications on the issue of dividends from the blacklisted company. The application filed to the Tax Office concerning income realised in the fiscal year 2017 and distributed in the fiscal year 2019 to the Italian parent company Alfa by the subsidiary Beta […]

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  • Brexit: the effects of a no deal

    The United Kingdom left the European Union on 31 January 2020 after 47 years of EU membership. The withdrawal agreement provides for a transition period ending on 31 December 2020 during which EU rules will continue to apply, thereafter the UK will officially become a third country. Negotiations on the partnership agreemen18t to govern the […]

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  • Does building abuse freeze the Superbonus?

    According to the general rules, only maintenance work can be carried out on a building where there is building abuse, while all innovations and improvements can only be authorised in a context of full legitimacy and building regularity of the building; in the light of this principle, it would therefore be impossible to access the […]

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  • Revised arbitration rules of the leading European arbitral institutions

    2020 has been marked as the year of review and amendment of the arbitration rules of some leading arbitration institutions, showing the willingness to consolidate common practice and streamline arbitral proceedings. Some of the changes were essential, as the arbitration world has been under great pressure over the past year to find ways to continue […]

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  • False Declaration and Omitted Payment: two different violations

    With judgment n. 27963 of 7 December 2020, the Italian Supreme Court took a position in relation to the tax penalties applicable in case of untrue declaration and consequent failure to pay the taxes due. In particular, the Supreme Court stated that the false declaration and the omitted payment have different trigger events and are […]

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  • Online sales to non-EU private individuals must be documented by invoice

    The Covid-19 emergency has helped to increase the trend of online sales, a trend that has already been growing steadily since last few years. The strength that has attracted many small and medium-sized enterprises in Italy to invest in e-commerce is the possibility of breaking down the territorial limitations of physical stores and expanding their […]

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  • Cash back of Christmas

    From 8 December and until 31 December 2020, private consumers, over 18 and resident in Italy, who will make at least 10 purchases with credit cards, debit cards and prepaid will be able to obtain the c.d. Extra Cash Back Christmas, or a refund of 10% on expenditure made up to a maximum of € […]

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  • IMU for fiscal period 2012 on industrial real estates: declared the incustitutionality

    The Constitutional Court declared illegitimate the rule governing the non-deductibility of the cost of IMU (local tax on industrial real estate), for the 2012 tax period, from income taxes. The provision declared illegitimate is in fact in contrast with some principles guaranteed by Articles nr.3, 41, and 53 of the Constitution (principle of ability to […]

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  • Decree Law 157/2020: suspension of payments for the month of December

    Decree Law 157/2020 provided for the suspension of some tax / social security payments with ordinary expiry in December 2020. The suspension concerns in particular: Value added tax (periodic VAT for the month of November 2020, expiring on 16.12.2020 for monthly taxpayers, and the year-end downpayment of VAT for tax year 2020, expiring on 28.12.2020); […]

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  • News about TP Documentation

    With the Measure published last November 23rd, 2020, the Italian Revenue Agency modified the Italian regulations regarding the documentation on transfer pricing. The document attached analyzes the most relevant changes occurred. Martina Borlandelli

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  • Long term of 60 days for the opposition of creditors in case of split-off without joint-stock company

    With the decree no. 2366/2020, the Court of Novara intervened in the issue of the opposition of creditors to the demerger operation, affirming that the reduction from 60 to 30 days as per art. 2505-quater Civil Code cannot be applied. The Judge thus formulated the first jurisprudential ruling on the subject, inserting himself within a […]

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  • The Court of Milan returns on the forfeiture of the trademark

    The Court of Milan, with its ruling no. 5205 of 7th September 2020, has returned to the issue of the forfeiture of trademark and the suitability of certain factual circumstances to prevent the expiry of the five-year term pursuant to Article 24 of the Industrial Property Code. The rule, in fact – which has its […]

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  • Decree law 149/2020: non-refundable contribution

    Decree Law 149/2020, which supplements and amends Decree Law 137/2020, provides for a new measure to support businesses in the form of a non-repayable contribution. The contribution is due to those who have an active VAT number on 25 October 2020 and who declare that they carry out as their main activity one of those […]

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  • Municipality Tax for 2020: Exemption from payment of the second instalment

    The Legislative Decree n.149/2020, so-called Ristori-bis Decree, extended the exemption from payment of the second instalment of Municipality Tax (IMU) for 2020 already provided by art.78 of the Law Decree n.104/2020 and by art.9 of the Law Decree n.137/2020. In particular, the Ristori-bis Decree provided for the cancellation of the IMU due on due on December […]

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  • Permanent establishment: business activities and the “de facto” administrator’s role

    The Supreme Tax Court with the decision n. 21693/2020 ruled that a permanent establishment is set when a non-resident or resident Company carries on all or part of its business activity in the territory of the State with a fixed place of business. In the present case, the Tax Office has notified to a non-resident […]

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  • Exemption of dividends and capital gains paid to EU/EEA funds

    Undertakings for Collective Investment Schemes (UCIs) under foreign law (compliant with Directive 2009/65/EC, or non-compliant but subject to supervision under Directive 2011/EU) may collect dividends from Italian companies exempt from withholding tax. The same exemption applies to capital gains realized on Italian qualifying holdings. This is provided for by art. 109 of draft Budget Law […]

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  • Obligation to justify shareholders’ resolutions

    We can observe, as also stated on several occasions by the Court of Cassation[1], that, according to the rules of the Italian Civil Code, there isn’t a general principle of obligation to justify shareholders’ resolutions passed by limited liability companies or joint-stock companies. On the contrary, the provisions of the Italian Civil Code show the […]

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  • The Italian Competition Authority investigate Google over advertising market abuse

    Following a complaint filed by an Italian digital advertising lobby group, on 20 October the Italian Competition Authority (the Authority) have opened an investigation into Google for alleged abuse, of its dominant position in the display advertising market (prohibited under article  Article 102 of the Treaty on the Functioning of the European Union) . Display […]

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  • Extension of Income Tax and Irap payment

    Art 6 DL “Ristori bis” extend the second instalment of Income tax in accordance with art 98 del DL 104/2020. The payment of income tax and IRAP has been postponed until 30/04/2021. (tax period 2020). Also covered by the previous rule are substitute taxes, income tax additions and property taxes. The extension is to be […]

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  • New Code of Company Crisis

    On November 5, 2020, the Legislative Decree No. 147/2020 was published in Official Journal. This Decree had made some adjustments to New Code of Company Crisis and introduced, inter alia, some changes to provisions on adequate organizational structures in Corporate Law. These amendments will enter into force on fifteenth day following the publication of regulatory text […]

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