• 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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  • 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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  • Fixed penalties for omitted IMU form with the payment of the taxes

    In situations of purchase or sale of property,the obligation to submit the IMU and TASI formi is triggered. This formi is a communication to the tax authorities that in the previous year the taxpayer took possession or sold a real estate unit. It has to be submitted by 31 December of the year following the […]

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  • INPS revises the calculation basis for artisans and merchants of SRL

    News of great interest to many small and medium-sized enterprises: with Circular letter No. 84 of 2021, INPS revises the contribution calculation basis for determining the contributions of artisans and merchants.  The change follows the compliance of the Ministry of Labour and Social Policies with sentence no. 23790/2019 of the Court of Cassation, which reiterated […]

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  • Extension of the Non-Financial Declaration to SMEs

    The European Directive proposal No. 2021/0104 of April 21st 2021, represents a first step towards in order to expand the complete set of regulations on financial reporting and Non-Financial Disclosure. The main change contained in the proposal concerns a significant increase in the number of entities that have to prepare a Non-Financial Declaration. The obligation […]

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  • Uncollected VAT recovery in bankruptcy proceedings: new terms of issue for credit notes with “Sostegni bis” Decree

    Faster recovery times for VAT credits. This is what will be provided by Article no. 18 of “Sostegni bis” Decree, which will rewrite the wording of Article no. 26 of Presidential Decree no. 633/72, regarding terms for issuing VAT credit notes. With regard to bankruptcy proceedings, VAT credit notes will be issued by provider as […]

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  • Revaluation reserve: taxation only in case of distribution to shareholders

    The revaluation of business assets, with tax recognition through the payment of a 3% substitute tax pursuant to Article 110 of Legislative Decree 104/2020, entails the recognition in equity of a reserve equal to the higher value attributed to the assets net of the substitute tax payable. If not franked by payment of the 10% […]

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  • The “suspension” of depreciation

    In the context of the epidemiological emergency from Covid 19, the Goverment provided throught he Legislative Decree 104/2020for the  companies that prepare financial statements without the adoption of international accounting standards, the suspension of the imputation, in whole or in part, of the depreciation in the financial statements for the current financial year. The aspects […]

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  • Misapplication of VAT in distance sales

    With Interpretation no. 246 dated April 14, 2021, the Revenue Agency expressed its opinion on the incorrect application of VAT within the sphere of intra-Community distance selling. Distance sales of goods to private individuals in other Member States are to be considered non-taxable in Italy and relevant in the State of destination of the goods, […]

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  • The violation of the obligation to submit the IMU return doesn’t have an instantaneous nature: the consequences for the sanctioning power of the Municipal Authority

    The obligation to report the possession of real estate properties in ICI return or to declare changes on real estate properties already reported for ICI purposes “doesn’t cease at the expiry of the term set by the legislator regarding the beginning of the possession”, but it “remains until the declaration (or complaint) is submitted”, determining, […]

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  • Daily fees: new electronic route from 1 October 2021

    With provision no. 83884 of March 30, 2021, the Revenue Agency postponed the deadline for starting the obligation to use the new electronic record of the data of the daily payments. Specifically, the date of the exclusive use of the new electronic data of the daily fees version 7.0 has been postponed from 1 April […]

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  • Payment of tax notices without penalties pursuant to art. 5 of Decree “Sostegni”

    The decree “Sostegni” provide for the possibility of paying the tax notices issued by the Italian IRS relating to the fiscal years 2017-2018, without the payment of penalties and interest. This tax benefit will be reserved for VAT holders who in 2020 suffered a reduction in turnover or income of more than 33% compared to […]

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  • Tax credit for investment in capital assets

    From FY 2020, new tax credits for investments in capital goods governed by the following regulations have been provided, replacing the previous benefits with maxi / hyper depreciation: Budget Law 2020 – Law 160/2019 art. 1, paragraphs from 184 to 197 for investments made from 01.01.2020 to 31.12.2020; Budget Law 2021 – Law 178/2020 art. […]

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  • Plastic Tax: main features, recent changes and deferral of entry into force

    The Budget Law 2021 postponed to July 1, 2021 the entry into force of the Plastic Tax, a tax on consumption of plastic products with a single use. The attached document analyzes the main features of Plastic Tax and recent changes occurred.   Marta Pasqui  

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  • Approval of the Financial Statement 2020: video conferences until March 2021

    The 2021 “Milleproroghe” decree extends until 2021 the provisions introduced by Article 106 of the “Cura Italia” decree which are aimed at facilitating the course of shareholders’ meetings. For the financial year 2020, it is also possible to partially derogate from the rules laid down by the Legislator in Articles 2364 and 2478-bis of the […]

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  • Extension of deadline for sending online CU 2021 and data for the pre-filled tax return to March 31

    With press release no. 49, the Ministry of the Economy and Finance, pending the issue of the so-called “Sostegni” Decree, has arranged for the extension from March 16 to March 31, 2021 of the deadline for the online transmission to the Revenue Agency, and the delivery to taxpayers, of the Single Tax Certifications 2021. Consequently, […]

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  • Presumption of entrepreneurship in short leases

    With paragraphs 595 – 596 of Article 1 of the Budget Law 2021, the legislator has established the threshold beyond which income from short rent must be considered achieved under the company. The new regulation provides that, starting from the fiscal year 2021, the rental of more than four properties in the short-lease form constitutes […]

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  • Untruthful tax return: criminal and tax penalties

    The Supreme Criminal Court with the decision n. 4439/2021 ruled that in the case of an untruthful tax return and a similar tax crime, there is no “ne bis in idem”. The case concerned criminal proceedings for the breach of untruthful tax returns. The taxpayer had complied with the tax assessment and paid the tax, […]

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  • Communication of health costs 2021: sending becomes half-yearly

    The Decree of the Ministry of Economy and Finance of 29 January 2021, published in the Official Journal on 6 February, rewrote the timetable for the transmission of data on health and veterinary expenditure incurred in 2021. The data will be sent every six months. The previous DM of 19 October 2020 to art.7 c.1, […]

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