• Split Payment

    D.L. 50/2017 introduced changes in Split Payment. Read more in the attached document (in Italian).

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  • ACE: coefficient reductions confirmed

    With the final approval of the Conversion Bill of DL 50/2017, the rules of ACE (aid to economic growth) have been changed again. The Italian legislator confirmed that must be considered changes in equity capital from the year 2011 onwards for the calculation of the tax benefit, without needing to consider only changes of the […]

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  • Black List Costs – sanctions applicable to the past

    Starting from 2016 the anti-tax-haven rules have been repealed. So today the new regime provides the full deductibility of the blacklist costs and furthermore the elimination of the obligation, previously required, to report separately blacklist costs on the tax return, and abolition of the related sanctions. Nevertheless the circular n. 39/E/2016 issued by the Italian […]

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  • Vat settlement postponed

    With resolution n. 73 of June 20th, 2017, the Revenue Agency provided some clarification on the new deadlines for the payment of the VAT settlement. On the one hand it has been confirmed, as a general rule, the deadline of March 16th; on the other hand, the Agency established that this deadline can be postponed […]

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  • Postposed deadline for the electronic submission of Periodic Vat Settlements Communication

    With the press release of May 29th, 2017, the Ministry of the Economy and Finance issued an official prorogation of the deadline to file the new fulfillment introduced by the Stability Law 2017, the Periodic Vat Settlements Communication, to the Tax Authority. Although no publication in the Official Journal occurred yet, the proposal is included […]

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  • Clarifications on reverse charge sanctions

    For any further infomation please contact our Office.

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  • Simplified procedure in relation to pending tax litigations

    Decree-Law 50/2017 has introduced into the Italian legal system a simplified procedure in relation to pending tax litigations, in which the Italian Revenue Agency acts as defendant. This procedure can be applied at all levels of appeal providing that taxpayer appeared before a judge within 31stDecember 2016. Taxpayer, that has applied to the simplified procedure […]

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  • Scheme of arrangement: write-off VAT debt

    Before the amendment, Article 182 ter of Bankruptcy Law provided for the possibility of extending or partially cutting back some tax debts. However, this rule excluded the VAT debt and withholding tax, for which it was possible to propose only an extension of the terms, excluding the possibility of writing-off the nominal value of the […]

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  • Changes in tax credit off-setting through F24 forms

    Decree Law n. 50/2017 introduced important news about Credit Compensation related to F24 Tax models. For further details please see the circular below.   Our Professionals are at your disposal for any further information.     

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  • Italy implements transfer pricing and patent box regime

    Italy enacted into law important changes to its transfer pricing and patent box regime. Law Decree n. 50/2017 replaces the concept of “normal value” with a transfer pricing method that is in line with the OECD arm’s length principle, adds corresponding adjustments to Italian tax law, and updates the list of intellectual property that can […]

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  • Corrective budget adjustment 2017

    The corrective fiscal package called “Urgent measures in financial matters, initiatives in favor of local authorities, further measures for areas affected by earthquakes and measures for the development”, was approved by the Cabinet in its meeting of April 11 2017, and amounted to more than 3,4 billion euros. The measure contains a series of measures […]

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  • Corrective action 2017 – VAT deduction

    The new provision, by reformulating art. 17-ter of Presidential Decree No 633/72, reduces the right to deduct the tax on goods and services purchased or imported, by exercising it at the time when the VAT becomes due and, at the latest, with the declaration relating to the year in which the right to deduct has […]

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  • Voluntary Disclosure bis: our insights

    The Government re-opens the terms of the so-called Voluntary Disclosure procedure. Taxpayers that have already taken advantage of the ‘first window’ will not have access to the procedure. To benefit from the Voluntary Disclosure-bis, the taxpayer must: submit an application to the Italian Revenue Agency correcting violations made up until 30 September 2016 (i.e. for […]

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  • Corrective action 2017 – Off-setting and compliance

    Decree 24 April 2017 n. 50 foresees the tightening of the restrictions on the use of tax credits off-setting, pursuant to art. 17 of Legislative Decree no. 241/97 (ie “horizontal compensation”), as well as modification of the ways in which the same compensation can be made by taxpayers. Under the first aspect, the threshold beyond […]

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  • Italian PIRs, saving plans

    The Budget Act 2017 (Legge di Stabilità 2017) has introduced the possibility for asset managers to establish tax-exempt investment plans at no extra costs for individual retail investors (piani individuali di risparmio or PIR), the Italian equivalent of the French plans d’épargne and the UK individual saving plans. The objective is to channel family savings […]

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  • Corrective action 2017 – split payment

    The split payment mechanism, governed by art. 17-ter of Presidential Decree n. 633/72 provides that VAT payable on supplies of goods or services provided by the supplier at the time of issue of the sales invoice, be paid to the treasury directly from the transferee of the operation. In essence, the purchaser “retains” the input […]

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  • Abrogation of voucher – instructions

    With the approval of the ddl n. 2784 as conversion of the Decree Law 25/2017 the provisions concerning occasional work accessory (the voucher) introduced by Legislative Decree n. 81/2015 have been canceled. The provision, however, states that vouchers can be used until December 31, 2017 provided that they have been required within the date of […]

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  • Unlawful assessments of the Tax Authority

    The Commissione Tributaria Regionale di Milano (the Tax Court of second instance) reiterated that the tax assessment notice by the Tax office about Life Portfolio International policies stipulated with Credit Suisse before fiscal year 2009 are unlawful (judgment no. 872 of 6th March 2017). The Tax Court of second instance considered the retroactive application of […]

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  • The “Scrapping”of payment demands

    The deadline for submitting the declaration for access to the simplified procedure to settlement the roles and executive investigations entrusted to the Recovery agent from 1st January 2000 to 31 December 2016, introduced by art. 6 of D.L. 22 October 2016, no. 193, is 21st April 2017. The taxpayer may wind up administrative-tax fines and […]

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  • Lombardy Region is financing the most attractive Municipalities

    Lombardy, with more than 6.389 foreign invested companies, is an important market for investors and the largest recipient of foreign direct investments in the country. With the project AttrACT, in collaboration with Unioncamere Lombardia and Promos – Invest in Lombardy, the region want to boost Lombardy’s attractiveness and competitiveness. The new political measure called AttrACT aims […]

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