Insights

  • Taxes: extension to 20 July without interest

    With the release of the Italian Dpcm in the “Gazzetta Ufficiale” on 29 June 2020, was made official the extension to 20 July of the payments due on 30 June, previously announced in a statement by the Italian Ministry of Finance (MEF). The extension is aimed at all taxpayers, to give them the opportunity to […]

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  • The Right to be forgotten and the de-indexing

    The Court of Cassation with the ordinance n. 9147 of last 19 May dealt again with the controversial relationship between the right to be forgotten and the right of information. Here, following its precedent, the Court reiterated that the de-indexing by the search engines, and not the cancellation from any online archive, is the appropriate […]

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  • Deduction of VAT credit in case of omitted annual VAT return

    By the decision no. 14055, filed on July 7th 2020, the Supreme Court ruled that the VAT credit accrued in the year in which the VAT return is omitted can be used in deduction, provided that: the taxpayer demonstrates the existence of his right to deduct; this credit is included, at the latest, in the […]

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  • Extension of the split payment to June 30th 2023: the MEF press release has been published

    With press release n. 158 of July 3rd 2020, the Ministry of Economy and Finance (MEF) has officialised the extension of the split payment mechanism until June 30th 2023, and the decision will be formally adopted and published in the Official Journal of the European Union once translated in every official languages ​​of the European Union. The […]

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  • VAT refund and request of taxpayer as non-resident

    The European Court of Justice, with the decision of 11 June 2020 on the C-242/19 case, made some clarifications on the following points: 1. interpretation of art. 17, paragraph 2, letter g) of the VAT Directive (2006/112/CE); 2. provisions of the art. 2, paragraph 1, and art. 3 of the VAT Refund Directive (2008/9/EC). This […]

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  • Mapping of foreign subsidiaries and regulations on Controlled Foreign Companies

    The emergency at Covid-19 is forcing Italian companies to deal with the delicate management of short-term problems, first of all obtaining the necessary liquidity. This context would lead to an avoidable neglect of medium/long-term commitments, such as the calculation of taxes, which, if not properly assessed, will result in additional burdens for Italian companies. From […]

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  • Unlimited liability of the liquidator to dissatisfied creditors for violation of the par condicio creditorum

    The Third Civil Chamber of the Supreme Court, by order no. 11304 of 12 June 2020, ruled on the ‘unlimited’ liability of the liquidator towards the company’s creditors who were dissatisfied if the principle of par condicio creditorum was violated. Where, following the cancellation of the company (pursuant to art. 2495, paragraph II, of the Italian Civil Code), the […]

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  • Shareholders or Board of Directors, who is entitled to resolve the transfer of the unique business unit owned by a limited liability company?

    With the recent ruling no. 1722/2020, dated 27 January 2020, the section specialized in business matters of the Court of Rome disposed the nullity, due to the contrariety of mandatory rules which fix the shareholder’s powers, of the contribution in kind of the unique company’s business unit in favour of a newly incorporated company carried out by a […]

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  • The validity of the russian roulette clause confirmed by Court of Appeal

    The legitimacy and validity of the russian roulette clause was confirmed by the Court of Appeal of Rome, which upheld the judgment of the Court of Rome stated in 2017 in which the Court ruled on the merits, pursuant to Article 1322, paragraph 2, of the Italian Civil Code, of the clause included in a shareholders’ agreement. […]

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  • First playable fund: Italy encourages video games development

    In order to encourage the digital entertainment, the Italian Government provided a Digital Entertainment Fund, the so called “First Playable Fund”. In particular, resources are available to facilitate the development of the Italian video games industry, with the aim of supporting the design and the pre-production phases that are necessary for the creation of prototypes. […]

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  • Limit on the use of cash

    The Fiscal Decree 2020 (art. 18 of Legislative Decree no. 124/2019) for the purpose of: – counter tax evasion; – discourage the use of cash in favor of electronic money; The decree approved lowering the limit on the use of cash starting on July 1st 2020 until December 31st 2021, from € 3,000 to € […]

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  • The Coty vs Amazon case and the use of trademarks

    The Court of Justice of the European Union resolved the case known as “Coty Germany GmbH vs Amazon“[1] with the sentence of 2 April 2020 (C-567/18) and gave a preliminary ruling in favor of the e-Commerce giant regarding the interpretation of a provision of the EU Trademark Regulation. The ruling was returned to the German Federal Court […]

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  • Copyright and concept store

    On April 30, 2020, through the publication of the judgment no. 8433, issued by the Court of Cassation, a judicial case, which began before the Court of first instance of Milan in 2013, involving two well-known make-up companies, was partially concluded. The subject of the dispute was mainly based on the violation of copyright which, […]

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  • The new mandatory audit procedure

    The Law Decree no. 34/2019 – so-called Decreto Crescita, introduced starting from July 1, 2020, the obligation for the Tax office to invite the taxpayer to the audit procedure before issuing notices of assessment. On June 22, 2020, the Italian Tax Authority with the Circular no. 17/E provided clarifications on the new tax audit as per Article 5-ter of Legislative […]

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  • Litigation and arbitration with Russian counterparty

    On 19 June this year the new provisions of the Arbitrazh Procedural Code of the Russian Federation (APC)[1] came into force. Such provisions are adopted in order to protect the rights of individuals and legal entities in connection with Russia related sanctions introduced by a foreign state, state associations or unions. The new law establishes the […]

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  • Temporary regulation of loss and reduction of capital caused by Covid-19: the first case law’s

    The time frame provided for by Article no. 6 of Decree Law 23/2019, the so-called “Liquidity Decree”, which temporarily disapplied regulation of loss and reduction of capital for the financial years ending in the period from 9 April 2020 to 31 December 2020, defines both the period in which the company law are neutralised and […]

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  • Financial intermediaries and holding companies: clarification from the Revenue Agency

    Following the implementation of ATAD Directive and new Article 162 bis of Italian Income tax code, the terms “financial intermediary” and “holding company” have been made clear. The mentioned article classifies the subjects that carry out a financial activity into four categories: Financial intermediaries; Financial holding companies, also qualified as financial intermediaries; Non-financial holding companies; Subjects […]

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  • Termination of bilateral investment treaties between EU Member States

    On 5 May 2020, the majority of European Union Member States (including Italy) signed an Agreement for the termination of bilateral investment treaties (BITs) within the European Union. This Agreement implements the principles established by the famous ruling of the Court of Justice of the European Union (CJEU) of March 2018 – “Achmea case” – […]

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  • Company claim of directors’ liability and the individual shareholder’s claim

    The title originates from a legislative comparison between the rules governing the liability of directors which are apparently very different in the two most common types of Italian legal entities. Indeed, it is well known that the legislator of the 2003’ reform, structuring limited liability companies’ (S.r.l.) directors liability, on the one hand, has exalted […]

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  • Restrictive contract clauses within the discipline of Consumer Code

    The Court of Cassation recently, on April 28, 2020, expressed a principle on restrictive contract clauses and consumer contracts according to which “in the case of contracts drawn up unilaterally by the trader, two requirements for the validity of restrictive clauses have to be met. The first requirement concerns direct knowledge of the clause derogating […]

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