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Registration in the VAT Informations Exchange System (VIES)
Until now, the indications provided by Circular AE no. 39/2011 and by Resolution AE n. 42/2012 indicated that if a VAT taxable person was not registered in the VIES system, the tax regime of European transactions must not be applied. The ruling c21-16 (February 9, 2017) by EU Court overturned what the Italian financial administration […]
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Overlapping invoices and VAT deduction
The period between two fiscal years is always important in order to identify the moment VAT becomes deductible on overlapping invoices, especially because of the recent changes of the rules governing this matter. In fact, the art. 14 of the Decree Law n. 119/2018 added a new period to art. 1, paragraph 1, of the […]
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Payment of the virtual stamp duty on electronic invoices
The Ministry of Economy and Finance Decree of 28 December 2018, published in the Italian Official Journal on 7 January 2019, modifies methods of payment of the virtual stamp duty on electronic invoices from 1 January 2019. The original formulation of art. 6 of the D.M. 17 June 2014 provided that the stamp duty should be paid, […]
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New limit on cash payments by non-residents
The 2019 Budget Law raised from € 10.000 to € 15.000 the maximum limit for cash payments made by non-resident citizens in relation to so-called “tourism-related transactions”. The new limit applies to payments made by non-resident citizens – both EU and non-EU – in relation to purchases of goods and services from operators listed in art. […]
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New tax fulfilment for non domestic transactions (Esterometro)
Starting from 1 January 2019, a new fulfilment has been introduced, and it is called “esterometro”. The introduction of this instrument meets the primary purpose of a monthly communication to the financial administration regarding all the transactions not subject to the obligation of electronic invoicing, with particular regard to transactions from/to foreign businesses. This communication […]
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ATAD Directive: new Cfc rules
The Legislative Decree No. 142/2018 about the implementation of the ATAD Directive, in force as from January 12th, 2019 for companies that close the financial statement as at December 31st, provides some news regarding the Controlled foreign company rules. In particular, based on the new rules: – the Cfc is extended to resident companies that […]
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The third “tax collection settlement procedure” according to D.L. 119/2018
The Article 3 of the D.L. 119/2018 introduced the possibility of benefiting from the third “tax collection settlement procedure” for payment demands entrusted to the Collection Agent between 1st January 2000 and 31th December 2017, also in case of bankruptcy and restructuring proceedings under judicial oversight. The legal framework specified that to the amounts for […]
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Compliance letters issued by the Italian Tax Authority
As happened last year, the Italian Tax Authority could notify to Italian taxpayers the “communication for the promotion of voluntary compliance”, better known as compliance letter, regarding financial assets and properties held abroad, for which the taxpayer did not comply with the requirements for fiscal monitoring and did not comply with the payment of property […]
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Legal interest rate at 0.8% from 2019
The Firm announces that, with effect from January 1st 2019, the legal interest rate set out in Article 1228 of the Italian Civil Code, will be increased from the current 0,3 percent to 0,8 percent. This amendment was published in the Italian Official Gazette no.291 of 15 December 2018, according to the MEF decree of […]
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Gifts tax treatment
When companies provide Christmas gifts or dinners to customers, suppliers and employees, it is important, from a fiscal point of view, to take into account the cost deductibility limits and the related VAT deductibility. In particular, it is essential to distinguish whether the gifts are purchased to be donated or if they are directly produced […]
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Advance VAT Payment 2018
We inform you that, as usual, by next Thursday, December 27th, taxpayers holding a VAT number, who carry out businesses, art or professional licenses, no matter the legal form and that perform VAT liquidations, as well as VAT payments with monthly or quarterly frequency, are required to pay the advance VAT payment for 2018. The […]
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Impacts of the ATAD directive on intercompany loans
Following the Legislative Decree implementing the Anti Tax Avoidance Directive (ATAD) set of rules, many changes regarding the interests’ deductibility have been introduced and will be applied starting from fiscal year 2019. Among these news one of the most important is the one related to the intercompany loans, especially those characterized by lower interest rates […]
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Electronic invoicing, summary of excluded subjects
The new electronic invoicing scheme, since January 1, 2019, will not involve all Italian VAT numbers, the legislator has in fact provided for an exemption for some categories of taxpayers for the active billing cycle. The first category that are exempted by the issuing of invoices in XML format is characterized by taxpayers in a […]
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Branch Exemption regime is not revocable
The branch exemption regime gives to the resident companies the right to opt for the exemption of profits and losses attributable to all their non-resident permanent establishments. Article 168-ter of the Italian Corporate Income Taxation Text (CITT) states that the option is not revocable and that the taxpayer should opt for the regime when the […]
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The Trifling Criminal Offence does not apply to juridical entities
For the first time the Italian Supreme Court (sentence n. 9072/2017, filed on 28.02.18), states that the non-punishment causes of a trifling fact (article 131bis of the Italian Criminal Code), which is applicable to individuals , cannot be also applicable to juridical entities under a preliminary felony charge. In particular, article 131-bis of the Italian […]
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Possible extension to the IRPEF subjects of the rules of the amount carried over of the losses for IRES subjects
The Draft Budget Law for 2019, under discussion by the Parliament, could change the discipline concerning the use of the enterprise’s losses for natural persons. Currently, article 8 of the TUIR (Italian Law for national income tax), which rules upon the application of the income tax on natural persons, provides that: tax losses generated by […]
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Budget Law 2019 – Measurements to support companies
The Budget Law Draft of 2019 includes a few provisions to support companies, some already proposed before, and others with new formulations. Among these last ones is the introduction of an incentive regime consisting of taxation with a reduced IRES tax rate by nine percentage points (from 24% to 15%) of the income declared by […]
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The refund of the EU withholding tax is allowable also in case of voluntary disclosure
The Regional Tax Court in Lombardia, with the decision n. 4031/02/2018, ruled in favor of an individual taxpayer who submitted the voluntary disclosure, stating that the denial by the Revenue Agency of the refund of any “EU withholding tax” already paid by the taxpayer, is illegal and not compliant with the double taxation agreement in […]
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Super and Hyper-depreciation in the budget law for 2019
The draft of the budget law for 2019 introduces new measures in the regulation of super and hyper-depreciation. These two tax breaks, allow companies to benefit from increased fiscal amortization, in excess of the purchase cost of new capital goods. The budget law, still under discussion, in its draft version provides an extension for the […]
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Tax payments by the end of the year
Here below we intend to summarize the next deadlines for the payment of taxes and social security contributions. November 30th, 2018: second or only installment of direct taxes and social security contributions for 2018 calculated on the basis of Income and IRAP 2018×2017 models The payment of the second or only installment can be determined […]
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