Insights

  • The shareholders’ loan needs a special minute

    The loans of the shareholders can be opposed to the tax authorities only if provided by a special minute and then accounted accordingly. If not, it can be considered as  hidden profit for the company. This is what the Court of Cassation has stated with ordinance no. 24746 of November 5th  2020. The Court of […]

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  • First IRAP advance for 2020

    With Circular no. 27 published on October 19, 2020, Revenue Agency provided clarifications and overcame some operating uncertainties regarding the method to determine first IRAP advance payment for 2020 fiscal year excluded from the IRAP balance payment. Please do not hesitate to reach out to our Professionals in case you need further clarifications on the […]

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  • Probable extension of the so-called “Zero Rate” on anti-Covid-19 goods

    In the Official Journal of the European Union, L 359 of 29 October, EU Decision No 1573/2020 of 28 October was published, in which the Commission considered it necessary to extend the temporal effect to 30 April 2021 of exemption from customs duties and VAT on imports of goods intended for the containment and management […]

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  • VAT deductible on rechargeable mobile services

    The taxable person who purchases, as an end-user, rechargeable mobile phone services can exercise the VAT deduction if indicated on the invoice separately from the consideration. This was confirmed by the Revenue Agency with the Resolution n.69/E of 22 October 2020 in response to the request submitted by a company that had signed a contract […]

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  • Art. 9 – Cancellation of both the balance and the second instalment of IMU

    Art. 9 of the new Law Decree so-called “Decreto Ristori” confirmed the cancellation of both the balance and the second instalment of IMU due on December 16th for buildings in which specific economic activities are carried out, as identified by the Legislator. The Law provision, included in article 9 is addressed to the categories listed […]

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  • Credit refund of the extinguished company to the sole shareholder

    By the decision no. 19641, filed on September 21th 2020, the Supreme Court ruled that, in case of a company cancelled from the company register, the previous shareholder is entitled to request reimbursement of the credit due to the company not only for the proportional amount to its share in the company but for the […]

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  • Transfer of non-controlling shares and “Realizzo controllato” tax regime

    In reply to question no. 309 of 4 September 2020, the Tax Revenue Office provided some clarifications regarding the application of the transfers of non contolling shares according to art. 177, paragraph 2 bis, of the Consolidated Income Tax Law, introduced by Italian decree (Decreto Crescita). The case concerns Alfa S.p.A., an unlisted company with […]

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  • The vat refund for non-resident taxpayer with fiscal representative

    The Italian Supreme Court with the decision n. 21684/2020 ruled that taxpayer resident in another EU State may apply for VAT refund even if they appointed a fiscal representative in Italy. The matter concerned a VAT refund application for fiscal year 2000 submitted by a French company. The Tax Office denied the VAT refund arguing […]

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  • The possibility of suspending amortizations

    The possibility of suspending amortizations in the 2020 balance sheets in order to reduce any operating losses accrued as a result of Coronavirus has been confirmed by the conversion law of the “Decreto Agosto”. The companies that shall establish the financial statement without the application of international accounting principles, cannot account for up to 100% […]

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  • The procedural effects of the cancellation of the company from the Commercial Register

    The effects of the cancellation of a company from the Commercial Register are described in article 2495 of the Italian Civil Code, introduced by the 2003 company law reform. The cancellation, however, does not imply the automatic disappearance of the relationships belonging to the company; article 2495 of the Italian Civil Code only partially defines […]

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  • It is now possible to identify the correct VAT rate for all EU countries

    A few days ago the European Commission made available a software through which it’s possible to identify the correct VAT rate applicable to the supply of goods and services in each Member State of the European Union. This tool is available at the following address: https://ec.europa.eu/taxation_customs/tedb/vatSearchForm.html. In order to be able to correctly use the […]

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  • Vat benefits for sale of “anti-Covid-19” goods: clarifications from Financial Administration

    The Financial Administration, with Circular No 26/E of 15 October 2020, has provided any clarifications about the VAT benefits for sales of goods necessary for the containment and management of the epidemiological emergency from Covid-19. Article 124 of Law Decree No 34/2020 establishes that for sales of goods listed in the 1st paragraph apply: an […]

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  • Cookies and Privacy – consent must be clear, specific and unequivocal

    The European Data Protection Board (EDPB) has returned to the matter of consent relevant to GDPR, clarifying, in the Guidelines issued last May, that the consent given by users in the presence of so-called cookie walls and in the case of so-called scrolling is to be considered invalid for the processing of personal data. More […]

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  • The reciprocal request for resolution by the parties determines the termination of the contract

    The Supreme Court has reaffirmed the principle that the Judge must in any case declare the resolution of the contract when the contracting parties ask each other to terminate it. The Ermellini, examining an appeal against sentence no. 728/2018 of the Court of Appeal of Perugia, confirmed the previous jurisprudential orientation, according to which the […]

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  • Payments suspended until 31 December

    Decree Law no. 129/2020, published in the “Gazzetta Ufficiale” no. 260 of 20 October 2020, containing “Urgent provisions on tax collection”, postponed until 31 December 2020 the deadline for the suspension of the collection activity – previously set at 15 October 2020 by the “August Decree” – of all tax and non-tax revenues deriving from […]

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  • Is the BoD’s compensation retractable?

    With the recent ruling of last July (ruling no. 3755/2020), the judges of the business section of the Court of Milan analyzed again the issues connected to BoD’s members compensation but, while the last ruling no. 27335/2019 was focusing on the onerousness or gratuitousness of the role (https://it.andersen.com/en/do-bod-members-have-the-right-to-claim-remuneration-even-in-the-absence-of-a-shareholder-resolution-or-a-by-laws-provision/), this time the Court focuses on the […]

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  • New VAT e-commerce rules

    Due to the practical difficulties created by the COVID-19 pandemic situation, the application of the new VAT e-commerce rules has been postponed by six months. Thus, the rules will apply as of 1 July 2021 instead of 1 January 2021, giving Member States and businesses additional time to prepare. The VAT e-commerce package aims at […]

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  • Sanitization bonus: variation in the percentage of maximum usable credit

    The Revenue Agency, with provision no. 302831 of 11 September 2020, had determined the percentage  of the credit actually usable as the ratio between the allocated resources, initially equal to 200 million euros, and the total amount resulting from the communications sent by taxpayers by September, 7, 2020. This percentage was 15.64%. The converted (L. […]

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  • Extension of the rental bonus for tourist facilities

    The rental bonus, introduced with the “Decreto Rilancio” (art. 28 of Law Decree no. 34/2020), provides for the recognition of a tax credit in relation to rents on non-residential properties used in the exercise of business, art, and profession if in 2019 the sum of revenues and fees is not more than Euro 5 million.  […]

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  • The Superbonus 110% for the non-resident individuals

    Non-resident individuals who own real property in Italy can benefit from the deductions included in the so-called “Superbonus 110%” if they incur expenses for subsidized renovation activities. The possibility, for non-residents, to benefit from the aforementioned tax credit has been confirmed by the parliamentary inquiry no. 5-04433 of July 22, 2020, and by the circular […]

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