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Tax Credits & Business Incentives: The Resilience and Recovery Guide
Andersen’s European Business Incentives and Tax Credits Practice has prepared The Resilience and Recovery Guide, following the out-break of the COVID-19 pandemic. One of the hot topics the European Union is dealing with is the establishment and operation of a special new fund and program, the so-called Recovery and Resilience Facility, RRF. In response to […]
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2020 Quick Fixes: VAT provisions on the cross-border exchange of goods
With the publication in the Official Gazette of Legislative Decree no. 192 of 5 November 2021, the European provisions contained in the “2020 Quick Fixes” – VAT provisions on the cross-border exchange of goods – which were already effective as of 1 January 2020, have been transposed into Italian regulatory system. The new legislative […]
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Supportive measures for the tourism and hospitality industry
Although the negative pandemic’s impact of COVID 19 with a significant dip in tourist numbers and presences in our country, in the first half of 2021 the hospitality sector reported a smaller decrease, even if it were particularly hard hit (source: Hotel Report Q2 2021, Gabetti Property Solutions). Arrivals in hotels and similar accommodations -56.1% […]
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RRP – travel agencies and tour operators tax credit
The Italian Council of Ministers to achieve the objectives of the National Recovery and Resilience Plan (RRP) has established a tax credit for the digitization of travel agencies and tour operators. The bonus will be recognized from the current tax period until the end of the current tax period 2024 and is concerning the expenses […]
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Regulatory Sandbox in Italy: applications for admission opened on November 15th
The time slot for the submission of applications for the simplified regime of testing of FinTech services and products has opened on 15 November 2021. Thanks to the Sandbox, companies operating in the FinTech industry will have the opportunity to test their innovative business models by applying the regulatory exemptions granted by the competent supervisory […]
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European Corporate Insights: ESG Criteria in Europe
The application of the ESG Criteria regulation and policies in Europe depends on the country in which they are normally applied. Even though European countries are regulated by the same principles, the considerable differences between one country and another makes sometimes difficult for multinational companies to understand how this works in different jurisdictions. Andersen […]
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E-invoice from 2022 for supplies of goods and services to persons not established in Italy
As of 1 January 2022, data relating to transactions involving the supply of goods and services made and received to and from persons not established in Italy must be transmitted electronically using the Interchange System in accordance with the format laid down for electronic invoices. It should be noted that the electronic transmission of data […]
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Global Transfer Pricing Insights: key issues and current state of transfer pricing management
The application of transfer pricing continues to intensify around the world and tax administrations continue to review their international tax law rules, in coordination with various supranational organizations, resulting in a potential shift in related-party transaction policies that will affect all companies in their international business. Andersen Global’s international Transfer Pricing team maintains a firm […]
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European M&A Working Group: guide on LLCs
Andersen, through the member and collaborating firms of Andersen Global and its European M&A Service Line (working group) has prepared a new guide that includes an overview on Limited Liability Companies (“LLCs” or Società a Responsabilità Limitata (S.r.l.) in Italian) in Europe, its formation and incorporation procedures with a dedicated section for each of the […]
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Extension of the deadline for the transmission of health and veterinary costs to the Health Card System.
With the DM 19.10.2020 the Government had defined the new rules for the telematic transmission to the Health Card System of health and veterinary expenses, providing for the transition from an annual to a monthly. With the subsequent DM 29.01.2021, the date of the monthly loss was deferred to 01.01.2022, the date from which such expenditure […]
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Italian tax Central Authority issues a discussion draft on the taxation of trusts
The Italian Tax Authority has recently issued a draft Circular letter regarding the taxation of trusts. The draft has been published for public consultation until the 30th of September 2021, it is therefore likely that its content may change significantly. Nonetheless, given the importance of such publishment, a brief comment seems necessary. This document consists […]
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Deferment of payments to 15 September
Art 9-ter DL 73/2021 (Decreto Sostegni bis) has extended the deadline for making payments to 15/09/2021, without any surcharge: resulting from income, IRAP and VAT returns; which are due between 30/06/2021 and 31/08/2021. The extension also extends to payments that follow the same deadlines as direct taxes (INPS, CCIAA). Ris. 53 of 05/08/2021, Agenzia delle […]
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Online platforms violate EU law if they facilitate access to copyrighted content
As EU law currently stands, operators of online platforms do not, in principle, themselves make a communication to the public of copyright-protected content illegally posted online by users of those platforms However, those operators do make such a communication in breach of copyright where they contribute, beyond merely making those platforms available, to giving access […]
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The tax undue refund is deemed to be an omitted payment of a tax
The Supreme Tax Court with decision no. 20585 of 19 July 2021, ruled that in case of undue refund, pursuant to Article 13 of Legislative Decree no. 471 of 1997, the Tax Authority shall apply administrative penalties for omitted payment of a tax. In the current case, a company filed an appeal against a tax […]
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Sostegni-bis Decree: the new sanitation tax credit 2021
With Measure no. 191910 of July 15, 2021, the Revenue Agency defined the criteria and procedures for the application and use of the sanitization tax credit recognized for expenses incurred in June, July, and August 2021. Article 32 of Law Decree 73/2021 (so-called Sostegni-bis) provides for a “theoretical” tax credit equal to 30%, up to […]
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Early termination of the office of sole auditor in LLC: the appointment of an alternate auditor is possible even in the absence of a specific provision in the Articles of Association
With Case no. 3/2021, Assonime[1] returns to the debated issue of the compulsoriness or possibility of appointing an alternate auditor in case of a monocratic control body of a Limited Liability Company, admitting that it is possible “also at the time of the assignment of the auditing function, to appoint, in addition to the effective auditor, the […]
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Exclusion of the absentee shareholder in the corporation
The Triveneto Notary Committee, in the absence of the law, has considered necessary to elaborate a suitable instrument to allow the exclusion of absentee shareholder in the corporation. In particular, the status of shareholders in capital companies, unlike that in partnerships, is not linked to the figure of the shareholder as a person, but the […]
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Green Bonds
Green Bonds are financial instruments, more precisely debt instruments, which issuance is linked to projects that have a positive environmental impact: energy efficiency, renewable energy, sustainable management of living natural resources in particular land and water, pollution prevention, waste management, green buildings, and clean transportation. The First Green Bond on the market was issued by […]
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Copyright on fictional characters: when what makes a character iconic is the actor and not its creator
Characters of literature, comics, television or cinema can be protected under Italian copyright law (Law n. 633 of 1941) like any other intellectual property work. To be granted such rights, a character must display certain features. In particular, according to Italian jurisprudence, a character is a “subject which is the result of an autonomous and […]
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Tax credits: new offsettable limit for 2021 with “Sostegni bis” Decree
Maximum limit of tax credits that may be offset in the F24 form is raised to 2 million euros, only for 2021, notwithstanding the current regulations. This is what will be provided by Article no. 22 of Decree Law no. 73/2021, so-called “Sostegni bis” Decree, which came into force on May 26, 2021, and which […]
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